Stocks plunge as oil price war adds to coronavirus anxiety
Stocks cratered Monday as investors grappled with the sinking price of oil and the spread of the coronavirus.
The Dow was down more than 2,000 points, or 8%, at its session low, on pace for its worst day since December 2008. The S&P 500 plunged 7%, while the Nasdaq sank 6%. The massive sell-off triggered a key market circuit breaker minutes after the opening bell. Trading was halted for 15 minutes until resuming at 9:49 a.m. ET.
The sharp declines followed a roller-coaster week that saw the S&P 500 swing up or down more than 2.5% for four days straight. While Monday’s drop was significant, it still didn’t crack the 20 worst days for the S&P 500.
Investors continued to seek safer assets amid additional fears that the coronavirus will disrupt global supply chains and tip the economy into a recession. The yield on the benchmark 10-year Treasury note dropped below 0.5% for the first time ever, while the 30-year rate breached 1%. At one point early Monday, the 10-year slid to 0.318%.
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