Wall Street’s main stock indexes were gutted today as the Dow Jones Industrials tumbled by 2,000 points amid a 20% slump in oil prices.
Additionally, the rapid spread of the coronavirus has not made it easy for traders as the threat of a global recession now seems real than imagined.
Trading was halted immediately after the opening, as the benchmark S&P 500 tumbled 7% 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%.
It is reported that companies listed on the S&P 500 have lost more than $5 trillion in value in a sell-off sparked by fears a pandemic of the coronavirus epidemic.
Some analysts have argued that recent events could put the U.S. economy in a tailspin.
Nigel Bell, Readers Bureau, Fellow
Edited by Jesus Chan
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