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People wearing masks on the first day of the Lunar New Year in Hong Kong, Jan. 25. Photo: Dale de la Rey/AFP via Getty Images

The Dow Jones Industrial Average dropped more than 450 points Monday, as worries about the coronavirus rattled U.S. markets.

Why it matters: The coronavirus could drastically affect markets if consumers refrain from travel. Companies that rely on tourism including airlines and resorts were hit especially hard Monday. The sell-off marked the Dow's first five-day losing streak since August, AP reports. It was also the S&P 500's worst day since October.

  • Most Asian markets were closed for the Lunar New Year, but Japan's Nikkei dropped by 2.03%.
  • Traders retreated to gold and bonds for safer holdings.

The big picture: Over 2,800 cases of coronavirus have been confirmed in China while dozens of cases have appeared elsewhere. The U.S. has five confirmed cases according to the latest Centers for Disease Control data. Multiple areas of China are limiting travel to contain the outbreak.

Go deeper: U.S. evacuates personnel as coronavirus death toll climbs

Go deeper

Felix Salmon, author of Capital
19 mins ago - Economy & Business

The places regulation does not reach

Illustration: Aïda Amer/Axios

Financial regulation is not exactly simple anywhere in the world. But one country stands out for the sheer amount of complexity and confusion in its regulatory regime — the U.S.

Why it matters: Important companies fall through the cracks, largely unregulated, while others contend with a vast array of regulatory bodies, none of which are remotely predictable.

Trump nominee Christopher Waller confirmed to Fed board

Christopher Waller at a Senate Banking hearing earlier this year. (Photo: Sarah Silbiger/Getty Images)

The Senate voted 48-47 on Thursday to confirm Trump nominee Christopher Waller to the Federal Reserve Board of Governors — filling one of the two vacant slots on the influential economic body.

Why it matters: It's one of the last marks left on the Fed board by Trump, who has nominated five of its six members.

1 hour ago - Economy & Business

Boeing gets huge 737 Max order from Ryanair, boosting hope for quick rebound

Ryanair low cost airline Boeing 737-800 aircraft as seen over the runway. Photo by Nik Oiko/SOPA Images/LightRocket via Getty Images

Dublin-based Ryanair said it would add 75 more planes to an existing order for Boeing's 737 Max airplanes, a giant vote of confidence as Boeing seeks to revive sales of its best-selling plane after a 20-month safety ban following two fatal crashes.

The big picture: Ryanair's big order, on the heels of breakthrough vaccine news, is also a promising sign that the devastated airline industry might recover from the global pandemic sooner than expected.