The US stocks indexes took sharp falls today as investors began really worrying over the impact the spreading coronavirus would have on the global economy.

The Dow Jones Industrial Average fell 1,031 points, or 3.6%, its worst drop in two years and one that wiped out all its gains in 2020. The S&P 500 shed 111 points, or 3.4%, while the Nasdaq also dropped, falling 111 points, or 3.4%, as investors rushed to safe-haven investments in bonds and gold.

The primary concern now is that not only businesses in China will suffer from the rising number of individuals stricken by the disease, but that it will also rock other industrial hubs throughout the globe. South Korea, a major international hub for intermediate goods used by global manufacturers, has hundreds of reported cases of coronavirus, raising investors fears that supply markets will be seriously affected, or even shut down for a time, as health experts attempt to quell the spread of the disease.

Volatility indexes, meanwhile, jumped dramatically, with the CBOE Volatility Index jumping more than 7 points, or 46%, to $25.04.