REUTERS: Wall Street's main indexes dropped 7per cent and the Dow Jones Industrials crashed 2,000 points in what would be its biggest one-day fall ever, as trading resumed on Monday following a 22per cent slump in oil prices.
Trading on U.S. stock exchanges was halted immediately after opening on Monday, as the S&P 500 fell 7per cent, triggering an automatic 15 minute cutout put in place after the 2008-9 financial crisis.Saudi Arabia's move to raise oil production significantly after OPEC's supply cut agreement with Russia collapsed sent ripples across global financial markets already panicking about the impact of the coronavirus outbreak.
Crude oil logged its worst day in almost three decades, sending oil majors Chevron Corp and Exxon Mobil Corp down more than 9per cent. The energy index slumped 20.1per cent. At 9:54 a.m. ET, the Dow Jones Industrial Average was down 1,791.85 points, or 6.93per cent, at 24,072.93 and the S&P 500 was down 195.93 points, or 6.59per cent, at 2,776.44. The Nasdaq Composite was down 530.62 points, or 6.19per cent, at 8,045.00.
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Source: The Straits Times - 🏆 8. / 63 Read more »