Global stock markets have fallen sharply as investors continue to worry about the broader economic effects of the coronavirus. London's FTSE 100 share index fell more than 3% and there were similar declines in other European markets. Upbeat pay and unemployment data failed to buoy Wall Street when the market opened. The Dow Jones Industrial Average opened 2.7% lower, with the Nasdaq and S&P 500 registering similar declines. US employers added 273,000 jobs in February - significantly beating expectations - while the jobless rate fell back to near a 50-year low of 3.5%. The Labor Department report also revised up estimates of job gains in January and December, finding 85,000 more than previously understood. The surveys, however, reflect data collected before the outbreak intensified. In recent weeks, global travel has plunged, while work, school and shopping has been disrupted in many countries. Despite the strong data, the markets were against focusing on the impact of the virus. "Today's jobs report is old news," said Sarah House, senior economist at Wells Fargo. The economic strength signalled in the report is a "little like the saying, the car was in fine condition before being involved in a collision", said Mark Hamrick, senior economic analyst for Bankrate.com. "The new reality, amid tremendous uncertainty, is the world has experienced a seismic shift," he said.