US stocks tumble, with shares of banks and travel companies taking a beating, as a new wave of fear about the spread of the coronavirus and its economic impact gripped investors just one day after election results powered a rally.

The Dow Jones Industrial Average fell 969.58 points, or 3.58%, to 26,121.28, the S&P 500 lost 106.18 points, or 3.39pc, to 3,023.94 and the Nasdaq Composite dropped 279.49 points, or 3.1pc, to 8,738.60.

Shares of companies in the travel and leisure industry were punished. The S&P 500 airline index skidded 8.2pc, including a 13.4pc fall for American Airlines Group Inc.