Dow falls 2,000 points as investors run from coronavirus
U.S. stocks plunged on Monday, briefly halting trading as frightened investors fled the markets amid growing economic uncertainty over the spreading coronavirus. Oil markets also collapsed after Saudi Arabia said it plans to slash prices, escalating a battle with Russia just as the coronavirus’s impact is reducing demand for oil.
Trading was stopped shortly after the markets opened at 9:30 a.m. Eastern time, triggered by a 7% drop in the S&P 500 index. The S&P 500 has three “circuit breakers” that kick in when stocks decline by 7%, 13% or 20% in a single trading session.
The Dow tumbled 2,043 points, or 8%, to 23,822 in afternoon trading. The S&P 500 lost 227 points, or 7.7%, to 2,746, and the tech-heavy Nasdaq slumped 567 points, or 6.7%.
[Source: CBS News]