New York (CNN Business)US stocks fell into correction territory on Thursday as a selloff continued because of the coronavirus outbreak. All three major US indexes are now on track for their worst week since the financial crisis.
Stocks have been selling off around the world all week as investors fret about the spread of the virus.
US equities opened lower, with the Dow (, )Nasdaq Composite ( and )S&P 500 ( all falling more than 10% below their most-recent peak, putting them in correction. In the United Kingdom, the )FTSE 100 ( also )fell into correction territory Thursday.
They are still some ways away from a bear market, which is defined as 20% or more below the most recent peak.
The Dow was 600 points or 2.3% lower within the first hour of trading. The S&P 500 also dropped 2.3%. The Nasdaq, which was the only major stock index to end Wednesday in the green, fell 2.7%.
All three indexes are on track for their worst weekly percentage drop since the 2007-2009 financial crisis. For the Dow and the S&P it promises to be their worst performance since October 2008, while the Nasdaq hasn’t dropped this much in a week since November 2008.
Worries about the coronavirus outbreak are mounting this week, with the US Center for Disease Control and Prevention expecting cases in the United States to rise. The virus has now infected more than 82,000 people worldwide, with the vast majority of cases in China.