Stocks open sharply lower on Monday after a rout in oil markets and fears around the spread of COVID-19 raised worries that the U.S. and the global economy could face a short recession this year. Trading was halted shortly after the opening bell.
The S&P 500 was down 7% to 2,764. The Dow Jones Industrial Average shed 1,885 points, or 7% to 23,,978. The Nasdaq Composite slipped 7% to 7,989.
A rising number of cases of the coronavirus in Western Europe and the U.S. has forced analysts to contemplate the risk of consumer spending grinding to a halt, a move that could spark a short-term recession.
The potential for a price war between the Organization of Petroleum Exporting Countries and Russia sparked the biggest one-day slump in crude oil prices since the Gulf War.
The 10-year Treasury note yield is down 26 basis points to 0.45%, after hitting a record low of 0.34% in overnight trading. Bond prices move in the opposite direction of yields.
Source : MarketWatch