Stock market plummets over growing virus fears and potential oil price war
The stock market took a significant dive on Monday morning amid growing fears of the coronavirus and a potential oil war, forcing Wall Street to halt trading briefly.
The Dow Jones Industrial Average dropped more than 1,800 points when the market opened this morning. For S&P, it dropped nearly 7 per cent once the opening bell rang on Wall Street.
Trading halted within minutes of the stock market opening because of the significant drop. This pause in trading lasted 15 minutes in hopes the market would stabilise. The next “circuit breaker”, halts that are called to calm traders amid losses, could happen if stocks drop 13 per cent, which would lead to another pause in trading.