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Global stocks were down on Tuesday, with Asian markets posting the biggest drops, amid mounting concern over the rapid spread of a deadly virus in China—especially as hundreds of millions of people prepare to travel across Asia to celebrate Chinese New Year this weekend.
Travel, retail and luxury goods stocks all plunged on concerns that the wider spread of the disease would hurt consumer demand. Pharmaceutical stocks in China surged by their 10% daily limit, while shares of medical gear makers like facemasks also sharply rose. Airline stocks, both in the U.S. and China, also slumped on the virus news, anticipating its impact on travel plans: