(NEW YORK) — Stock trading was halted for 15 minutes Monday after the S&P 500 plummeted more than 7% at the open.
The Dow Jones Industrial Average plunged more than 1,800 points, or more than 7%, over fears of global economic fallout amid the coronavirus outbreak and uncertainty over falling oil prices.
After OPEC talks fizzled over the weekend, Saudi Arabia slashed oil prices, triggering a price war and sending U.S. crude oil prices plunging by more than 25%.
Meanwhile, the yield on the 10-year Treasury note dropped to an unprecedented low of 0.408%, a possible signal that investors are expecting a recession.
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