CBS NEWS

From Wall Street to Sydney, stocks are sinking Monday amid worries that rising COVID-19 infections mean the pandemic is worsening in hotspots around the world.

The S&P 500-stock index fell 1.6% in the first half-hour of trading, after setting a record high just a week ago. The index, which tracks the 500 largest U.S. companies, was trading at 4.261 at around noon Eastern time.

In another sign of worry, the yield on the 10-year Treasury dropped close to its lowest level in five months. It touched 1.21% as investors scrambled for safer places to put their money.

The Dow was down more than 700 points, or 2%, at 33,908 at midday, while the tech-heavy Nasdaq composite was 0.8% lower, having recovered some of its early-morning drop.

Airlines, hotels and stocks of other companies that would get hurt the most by potential COVID-19 restrictions…

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