Trading STOPS for 15 minutes as Dow craters 2,000 points amid coronavirus ‘pandemonium’ and Saudi-Russia oil price war – but STILL Trump blames fake news and Democrats for ‘inflaming’ crisis

Monday, March 9, 2020
By Paul Martin

The Dow Jones Industrial Index opened on a loss of more than 1700 points on Monday
The sudden downturn triggered circuit breakers which halted trading for 15 minutes to stop the markets free-falling
When trading resumed, it fell further briefly, marking a loss of 2,000 points
The volatility has been sparked by a combination of coronavirus panic and an oil war between Saudi Arabia and Russia
Analysts are calling the fall-out a ‘one two punch’ which could destroy Saudi Arabia’s allies’ economies in such a fragile time
The London FTSE 100 suffered astronomical losses on Monday too
Despite the undeniable financial chaos, Trump

By JENNIFER SMITH
DAILYMAIL.COM
9 March 2020

Trading on the New York Stock Exchange was halted for 15 minutes on Monday because stocks tumbled so drastically in the first few moments of trading as a result of global coronavirus panic and an oil price war sparked by Saudi Arabia.

The Dow opened on a loss of more than 1700 points on Monday, a decrease of more than seven percent since Friday’s close, after a chaotic weekend which saw oil prices tumble and which all but decimated the futures market.

Circuit breakers – which are rarely triggered but exist to stop prices tumbling further when a downward spiral shows no sign of slowing – went into effect on Monday morning after a dramatic start.

After a 15 minute break, the re-opened but it had slipped further, losing 2,000 points in total. If prices drop to 13 percent from Friday’s close, trading will stop for another 15 minutes. Then, it will take for them to drop by 20 percent to stop for another 15 minutes.

Monday’s opening marked the worst start on Wall Street since the Lehman Brothers collapse in 2008 which triggered the GFC.

Oil prices are at their lowest since the Gulf War thanks to a fallout between Russia and Saudi Arabia which may trigger an all-out price war that could harm the world’s economy even more.

Last week, Russia refused to agree to the terms of a deal that would slash the world’s oil production rates.

In retaliation, Saudi Arabia vowed to boost production and slash prices, a move which threatens to saturate the world’s market with cheap oil as demand for it plummets thanks to the virus.

Comments are closed.

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter