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Dow Jones Today: the S&P 500 index drops 7%, which triggers a 15-minute high | International Business News


NEW YORK: Trade on Wall Street temporarily halted Monday morning, as US stocks joined a global downturn due to falling oil prices and growing concerns about the coronavirus.

The suspension was triggered after the S&P 500 losses reached seven percent, and operations resumed after 15 minutes.

Near 1400 GMT, the broad-based S&P 500 fell 6.6 percent to 2,776.47.

The benchmark Dow Jones Industrial Average fell 6.9 percent to 24,087.20, while the technology-rich Nasdaq Composite Index fell 6.2 percent to 8,042.17.

After two difficult weeks amid mounting concerns about the virus, markets seemed to enter a new phase of concern early Monday morning after oil producers failed to agree on a pact to limit production, leading which caused the collapse of oil futures.

The virus itself continued to cause significant economic dislocations, as Italy imposed a one-month blockade in the northern region of the country and important additional sporting events were canceled, along with concerts and industry conferences.

The International Monetary Fund (IMF) called for a “substantial” stimulus and international coordination to counteract the economic impact of the spread of the coronavirus epidemic, while the Federal Reserve Bank of New York announced that it will increase its daily cash injections in financial markets at $ 50 billion to $ 150 billion to boost market liquidity.

Times of India