Global stock markets weighed down by virus fears

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NEW YORK — Coronavirus fears weighed on global stock markets Thursday as investors headed for the exits even after China reported a big drop in new cases and eased borrowing costs to cushion the epide

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mic's economic impact.

"We've been up since October; we have not had two down days in a row in the S&P 500 yet this year," Hogan said. However he warned the virus, could have a "noticeable impact on Chinese growth" and potential hurt production elsewhere. In Europe, stock markets were well down by the close, but London outperformed as a weakening pound gave a fillip to stock prices in the export sector.

The dollar rose against all its major rivals, with many analysts pointing to its safe haven status amid the coronavirus crisis.

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