Global stock markets have sunk after a rise in coronavirus cases renewed fears about potential economic damage.
The three main indexes in the US have fallen by about 3%, while the UK's FTSE 100 share index is down by 3.7%.
In Italy, which has seen Europe's worst outbreak of the virus, Milan's stock market plunged nearly 6%.
In contrast, the price of gold, which is considered less risky, hit its highest level in seven years.
Gold prices climbed more than 2% on Monday, hitting $1,688 an ounce at one point - the highest level since January 2013.
The moves came as the outbreak continued to spread outside of China, with Iran, South Korea and Italy reporting a surge in cases.
About 77,000 people in China, where the virus emerged last year, have been infected and nearly 2,600 have died.
More than 1,200 cases have been confirmed in about 30 other countries and there have been more than 20 deaths. Italy reported three more deaths on Monday, raising the total there to six.
"There has been so much complacency in recent weeks from investors, despite clear signs that China's economy is facing a large hit and that supply chains around the world were being disrupted," said Russ Mould, investment director at AJ Bell.
"Markets initially wobbled in January, but had quickly bounced back, implying that investors didn't see the coronavirus as a serious threat to corporate earnings. They may now be reappraising the situation."
On the Dow Jones Industrial Average, firms such as Nike, Apple and Walt Disney, which do major business in China and rely on it to make goods, were some of the hardest hit, with shares down more than 3.5%.
Travel firms also continued to suffer. In the UK, the biggest faller in the FTSE 100 was EasyJet, which sank 15%, while Tui and British Airways owner IAG were both down by more than 8%.
Analysis:
By Andrew Walker, BBC economics correspondent
The virus has been around for weeks, so why is it that the financial markets seem to have suddenly started to take it much more seriously?
The developments over the weekend in three countries do raise some pointed questions about how feasible it will be to contain the spread.
South Korea has the largest outbreak outside China; Italy the largest outside Asia. Iran too has seen a surge in cases. Reports of eight deaths there and only 43 cases suggest the spread may be more extensive than the official figures have captured.
If the outbreak turns out to be more widespread than markets have hitherto expected then it would be reflected in an increased impact on industrial supply chains and travel, as a result of official restrictions and personal choices.
It would also magnify the impact on consumer confidence: hence the relatively large falls in stocks dependent on willingness to spend - cars, clothes and durable goods.
Supply fears
The market moves come as companies continue to warn about the effect of the coronavirus on their supply chains and overall financial health.
Associated British Foods, which owns clothing retailer Primark, warned on Monday that there could be shortages of some lines if delays in factory production in China were prolonged because of virus-related shutdowns.
In China itself, officials have said most small businesses have yet to reopen after the authorities extended the Lunar New Year holiday in an effort to contain the spread of the virus.
Only about three out of 10 small and medium-sized enterprises (SMEs) were back to work, while transport problems were preventing workers from travelling and disrupting shipments of raw materials, said industry ministry spokesman Tian Yulong.
SMEs make up about 60% of the Chinese economy.
Analysts said the gold price - which has risen by more than 10% since the start of the year - could breach the $1,700 barrier soon.
"Gold has finally established some serious momentum," said Jeffrey Halley, senior market analyst at online trading platform Oanda.
Oil prices fell by more than 4% on Monday, as investors worried about a fall in demand following the temporary factory closures due to the virus.
The price of Brent crude dropped by more than $2 to $56.18 a barrel.
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February 24, 2020 at 09:13PM
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Stock markets tumble amid coronavirus fears - BBC News
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