A surprise price war between oil producers Saudi Arabia and Russia, compounded by intense investor anxiety over the continued spread of the coronavirus, triggered massive market losses on Monday.
The Dow Jones Industrial Average lost 7.8%, or 2,014 points, the S&P 500 lost 7.6%, and the Nasdaq Composite lost 7.3%., which halts trading for 15 minutes to prevent stocks from free-falling and give investors a chance to reassess. The yield on the 10-Year U.S. Treasury bond plummeted to below 0.4%, signaling that investors are continuing to flee risky assets like stocks in favor of safer ones like bonds and gold.
Oil prices plummeted by more 20% during the day, seeing their worst drop since the Gulf War in 1991; the financial services sector also suffered, with shares of JPMorgan down nearly 13% and the Financial Select Sector ETF falling 10%. Shares of Clorox hit a new 52-week high of $177 per share on Monday as investors flocked to the producer of cleaning products and disinfectants. to levels not seen in 30 years after it could not convince Russia to agree to production cuts. The 14 members of OPEC along with some non-members, including Russia, met last week to discuss how to respond to the lagging demand caused by the spreading coronavirus.
ChiefOjukwu theothersarahh This day will go down in history 😂
theothersarahh It's time to slowly take 6 deep breathes and slowly exhale each breath .
theothersarahh Don't forget Big Oil's big debt. Its day is done.
theothersarahh Surprise price war
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stock market live updates: Stocks reopen after halting, Dow down 1,800Stock market live updates: Shares of bank stocks are suffering amid a collapse in bond yields. Shares of Citigroup are down more than 10%, JPMorgan lost 9%, Goldman Sachs fell 8% and Bank of American dropped 8%. Market 'Halted?' Isn't this Socialistic Interference in Free Market Capitalism? Allow the 'Invisible Hand' of Capitalism do it's MAGIC! Or Damage! it's not a pandemic, it a media-driven panic Manny6Manny It's time to use that XRP on demand liquidity to unlock dormant capital in the nostro/vostro.
Source: CNBC - 🏆 12. / 72 Read more »
Stock market live updates: Trump blames oil price war as Dow falls 1,500 pointsThis is shaping up to be the biggest overnight loss of wealth since the financial crisis. Billionaires including Jeff Bezos and Elon Musk have lost billions of dollars last night alone. they did not lose it, they are down this much.
Source: CNBC - 🏆 12. / 72 Read more »
Stock market news live: Oil crashes, stock futures crater on coronavirus, crude war fearsThe world’s faltering effort to contain the coronavirus outbreak hammered stock and oil futures on Sunday, which indicated a sharply lower open on Wall Street. Yes, our wonderful Saudi Friends. Also good at killing Yemen Civilians
Source: YahooNews - 🏆 380. / 59 Read more »
Cramer: Monday's stock market close could usher in the end of the longest bull market ever'I think that that's certainly a realistic thing,' CNBC's Jim Cramer said. Red Queens worshipping Lucifer plotting genocide More irresponsible posting by Chrome Dome Cramer.
Source: CNBC - 🏆 12. / 72 Read more »
5 things to know before the stock market opens MondayU.S. stock futures were pointing to plunge for the Dow at Monday's open as oil prices and bond yields were collapsing. Sell your entire portfolio 'I HAVE NO PLAN FOR THE VIRUS! I HAVE NO PLAN FOR THE MARKETS!' I DON'T KNOW WHAT IM SAYING OR DOING! 6 trump administration can’t be trusted
Source: CNBC - 🏆 12. / 72 Read more »