Hong Kong/London (CNN Business) Stock markets plunged around the world Monday after the number of coronavirus cases surged in Italy and South Korea, putting two more major economies at risk from a virus that has already caused widespread disruption in China.

Dow INDU Theclosed 1,032 points, or 3.6%, lower, marking its worst day in two years, when it closed down more than 1,000 points twice within a week as inflation fears gripped Wall Street . On February 5 and again on February 8, 2018, the Dow's percentage drop was more than 4% on both days.

Since the index is higher now, on a percentage basis Monday's selloff isn't as dramatic as other drops in the Dow's history.

Still, it was only the third time in history that the index closed more than 1,000 lower. It is now in the red for the year and at its lowest point total since December 11.

S&P 500 SPX Nasdaq Composite COMP VIX VIX Theand thealso fell sharply. The S&P ended down 3.4%, while the Nasdaq dropped 3.7%. The, a measure of market volatility, shot up more than 46%.