Trading stopped on Wall Street after stocks plummet following opening bell

Posted at 9:51 AM, Mar 09, 2020
and last updated 2020-03-09 09:52:13-04

NEW YORK — Trading has stopped on Wall Street Monday morning after stocks plummeted sharply immediately after the opening bell.

A so-called circuit breaker was triggered when the Dow Jones dropped 1,884 points.

A circuit breaker is a financial regulatory device that prevents stock market crashes from happening.

Trading will be stopped for approximately 15 minutes.

The steep drop followed similar falls in Europe after a fight among major crude-producing countries jolted investors already on edge about the widening fallout from the outbreak of the new coronavirus.

Indexes in London and Frankfurt dropped by more than 7 percent.

The benchmark for Italy, where the industrial and financial heartland was put in lockdown, fell 11 percent.

Oil prices are down about 20 percent, deepening a rout that began when Saudi Arabia, Russia and other producers failed to agree on cutting output. Bond yields sank to new lows.