US stocks tumble toward worst day in a month amid virus woes

By STAN CHOE AP Business Writer

NEW YORK (AP) — Stocks are slumping in midday trading on Wall Street Monday and deepening last week's losses. The S&P 500 was 2.1% lower as a troubling climb in coronavirus counts threatens the global economy.

The loss follows up on last week's 0.5% drop, which was the first for the index in four weeks.

Stocks of companies that need the virus to abate and the economy to return to normal had some of the sharpest losses on Wall Street.

Stocks also weakened across much of Europe and Asia.

In another sign of caution, Treasury yields were pulling back after touching their highest level since June last week.