USA stocks plunged again Monday on fears of a global economic slowdown on the heels of the coronavirus outbreak combined with an oil price war led to the Dow Jones Industrial Average losing 2,000 points at closing, its largest ever single day drop in points, as progressives called on the government to prioritize the interests of working people over the 1%.
Trading in Wall Street futures was halted for this first time since the 2016 USA presidential election after they fell more than the daily limit of 5%.
Trading was halted for 15 minutes before being reopened at 9:49AM ET.
The epidemic, which has hit most of the world's economic hotspots, has depressed demand for oil, leading to the price drop that triggered the day's panic-selling - a vicious cycle that doesn't seem likely to stop anytime soon. In Europe, the main stock market indexes in France, Germany and Spain were all trading over 7 percent lower.
In New York, the Dow Jones industrial average was down 1,517.09 points at 24,347.69.
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Investors were already nervous about the spreading coronavirus outbreak, which is slowing business activity around the globe, raising the risk of recession. Following the trading halt, the Dow recovered somewhat before another mid-afternoon loss put it back 2,000 points on the day.
Benchmark U.S. crude fell 22%, or $9.21, to $32.07 per barrel in electronic trading on the New York Mercantile Exchange. But moves in stocks and bond yields were almost as breathtaking. The index is now down about 17 per cent from a record reached in mid-February. Italy's FTSE MIB plunged 10% to 18,713.
The yield on the benchmark 10-year U.S. Treasury was on course for its biggest one-day fall in nearly a decade, sending the rate-sensitive financials index down 7.9 per cent. European stock markets fell even more sharply, and Treasury yields plunged to more record lows in the latest vicious swings for a market that has rocked investors the last couple weeks.
"The market has had a crisis of confidence", said Willie Delwiche, investment strategist at Baird. The S&P 500 lost 5.8% and the Nasdaq gave up 5.5%.
U.S. President Donald Trump voiced confidence in the American economy, tweeting that lower gasoline prices would be "good for the consumer".
Investors are clearly anxious the bear market for transportation stocks could be a harbinger of a long protracted pullback for stocks - and perhaps even a global recession - on the horizon. The Norwegian krone fell to its lowest since at least 1985 versus the dollar and the Mexican peso dropped to a more than three-year low.
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Still, he may have something to offer a contender, as at least one other team looked into signing him earlier in the season. That will give the club a chance to audition Noah and potentially change course if things don't go well.