Major U.S. stock indexes shed more than 7% on Monday as oil prices collapsed in their biggest one-day fall since the 1991 Gulf war, fueling even more worries about the global economic impact of the coronavirus crisis
NEW YORK - Wall Street suffered its biggest one-day loss since the 2008 financial crisis on Monday and recession worries loomed large as tumbling oil prices and ongoing coronavirus fears prompted investor panic on the anniversary of the U.S. stock market’s longest-ever bull run.
All three major U.S. stock averages plunged sharply at the opening bell, triggering trading halts put in place in the wake of 1987’s “Black Monday” crash. The Dow plummeted a record 2,000 points out of the starting gate on a day that marked the current bull market’s 11th year. S&P 500 futures declined about 1% after the bell, briefly extending their loss to just over 20% from their record high on Feb. 19 and suggesting the bull market may have ended. Investors generally consider a drop of 20% from a recent high to signify a bear market, raising the expectations of a drawn out period of negative sentiment.
“There’s a lot of fear in the market and if the price of oil continues to move lower it’s an indication that a global recession is not far away,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. The CBOE Volatility index , a gauge of investor anxiety, touched its highest level since December 2008.
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