Wall Street sell-off deepens as virus spread sends investors fleeing

Wall Street's three major stock indexes fell almost 2per cent on Tuesday as the coronavirus spread further around the world and officials described it as"a rapidly escalating epidemic," a day after the S&P 500 and the Dow Industrials' biggest daily decline in two years.

The U.S. Centers for Disease Control and Prevention said Americans should prepare for possible community spread of coronavirus. Earlier in the day, Iran's death toll from the virus rose to 16, the highest outside China, while dozens of countries from South Korea to Italy accelerated emergency measures.

Travel stocks such as TripAdvisor, down 4.8per cent, and Norwegian Cruise Line Holdings, down 5.2per cent, underperformed as investors worried about the virus. Last week, positive fourth-quarter corporate earnings and hopes of limited damage from the virus outbreak had pushed Wall Street to record highs.

Department store operator Macy's Inc fell 4per cent despite reporting a smaller-than-expected drop in quarterly same-store sales.

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