Mar 9, 2020 - Economy & Business

Trading halted as U.S. stocks plummet

Traders work the floor of the New York Stock Exchange. Photo: David Dee Delgado/Getty Images

The stock market fell as much as 7% on Monday morning — a decline so steep that trading was halted for 15 minutes.

Why it matters: The massive sell-off points to Wall Street's anxiety about the global economy. The steep declines come as Saudi Arabia launched an oil price war against Russia over the weekend, while the coronavirus outbreak worsened.

What's going on: Under "circuit breaker" rules, stocks resume trading 15 minutes after the halt. The halt on Monday morning was the first since the rules were implemented after the Great Recession.

  • If there's a subsequent drop of 13% from the last trading close, there will be another 15-minute trading halt.
  • If there's a 20% drop at any point, that would halt trading for the rest of the day.

Go deeper

Wall Street's coronavirus anxiety hits new heights

A board displaying the foreign exchange rate of the US dollar against the Japanese yen, next to the Tokyo Stock Exchange in Tokyo. Photo: Kazuhiro Nogi/AFP via Getty Images

Trading activity Sunday night shows the recent tumult on Wall Street will continue.

What's going on: The yield on the benchmark government bond continued its swift slide lower as nervous investors pile into the safe-haven asset, while pre-market trading pointed to steep declines for U.S. stocks. Oil prices dropped sharply.

Stocks plunge 7% at close of Wall Street's brutal day

Photo by Spencer Platt/Getty Images

U.S. stocks closed more than 7% lower on Monday, after a wild day for the stock market that saw a rare halt in trading.

Why it matters: The sell-off reflects serious fears that the oil price drop and the coronavirus could throw the economy into a recession.

Go deeperArrowUpdated Mar 9, 2020 - Economy & Business

New York Stock Exchange to temporarily close trading floor due to coronavirus

Photo: Spencer Platt/Getty Images

The New York Stock Exchange announced Wednesday that it will temporarily close its trading floor and move to electronic trading starting Monday due to concerns over the spread of the coronavirus.

Why it matters: New York is one of the epicenters of the coronavirus outbreak in the U.S. The city has already shut down public schools, banned gatherings of more than 50 people, and forced restaurants to offer only takeout and delivery.