Wall Street’s main stock indexes plummeted as the Dow Jones Industrials crashed 2,000 points on Monday as a 20 per cent slump in oil prices and the rapid spread of the coronavirus amplified fears of a global recession.
Trading was halted immediately after the opening, as the benchmark S&P 500 tumbled 7 per cent to its lowest since June 2019, triggering an automatic 15-minute cutout originally put in place to avoid a repeat of the “Black Monday” crash in 1987, when the Dow slumped nearly 23 per cent.
The energy index plunged 17.3 per cent to its lowest level since August 2004 and crude prices were on track for their worst day in three decades as Saudi Arabia and Russia moved to significantly ramp up production after the collapse of a supply cut agreement.
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