U.S. stocks dive more than 7% as oil war and coronavirus fears slam markets

  • 📰 latimes
  • ⏱ Reading Time:
  • 70 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 31%
  • Publisher: 82%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

U.S. stocks dive as oil war and coronavirus fears slam markets

An oil price war sent already anxious financial markets into a dive Monday, with stocks dropping and crude prices collapsing in a worldwide selloff that fueled fears of a coronavirus-prompted economic recession.pushed oil prices to their biggest declines in nearly 30 years, major U.S. stock indexes sank more than 7%, falling so intensely in the morning that they triggered a temporary halt in trading.

Monday was the 11th anniversary of the stock market’s bull rally that began during the financial crisis in 2009, and stocks had reached record highs only last month.Over the weekend, Russia refused to cut oil production despite falling demand from China, whose economy has been slammed by the coronavirus outbreak. In response to Russia’s refusal, Saudi Arabia moved to drop oil prices and boost its own oil output.

The S&P 500 opened with a drop of 7% that triggered one of the so-called circuit breakers that U.S. financial regulators put in place following the market’s crash in October 1987. The circuit breakers, which are rarely needed, temporarily stop the cascade of sell orders and give investors a chance to catch their breath.

All three indexes are down 19% from their record highs. That puts them dangerously close to entering bear-market territory, which is defined as a sustained 20% drop from their most recent peaks. Some retail stocks defied the selloff. Dollar Tree was up 4.1% and AutoZone gained 5%. Shares of Clorox, which makes disinfecting products that are popular with people worried about coronavirus, rose nearly 1%.

“The guidance for long-term investors remains intact — do not panic,” McBride said in a note Monday. “As the uncertainty persists, the market frenzy will continue, perhaps for weeks, perhaps for months.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

😥

Top-down design shows its limits in handling epidemics.

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:

 /  🏆 11. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. stocks dive as oil war and coronavirus fears slam marketsA collapse in oil prices is the latest fallout from the coronavirus oubreak and adds to the gloomy financial and economic outlook. VERDADERO SUEÑO AMERICANO SERÁ CUMPLIDO CUANDO ESTADOS UNIDOS ESTÉN GOBERNADOS POR UN SOCIALISTA DEMOCRÁTICO COMO CHÁVEZ, TODO EL 'PODER AL PUEBLO' CON SALUD PARA TODOS, EDUCACIÓN, VIVIENDA Y ALIMENTOS ¡LUCHEMOS POR'PUEBLOS POBRES' DE NORTEAMÉRICA In this way Erdogan and his staff were hosted and insulted in one of Kremlin's chambers ! Furthermore, there is a painting of a historic Russian leader hangs on wall is symbolizing to a battle where the Russia won . If I have to come out of retirement to greet at Walmart for our country and get rid of TrumpPutinGOP, so be it. It's the patriotic thing to do.
Source: latimes - 🏆 11. / 82 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 »