Dow plummets 1,800 points, oil prices drop as global recession concerns mount
Source: Milwaukee Journal-Sentinel
U.S. stocks and bond yields tumbled Monday, extending a global rout after a sharp drop in crude prices intensified concerns about a global recession.
The Dow Jones industrial average tumbled 1,800 points while the Standard & Poor’s 500 sank 7%. The technology-heavy Nasdaq Composite dropped 7%. Futures contracts hit a 5% daily down limit on Sunday evening, triggering a halt in trading.
The New York Fed Monday said it will step up its cash injections into the financial system to prevent the kind of cash shortages that pushed up the central bank’s key short-term interest rate above its target range last fall. Over the next few days, the Fed will increase one kind of loan from $100 billion to $150 billion and another from $20 billion to at least $45 billion.
While the loans largely have represented technical adjustments and are scheduled to be phased out this spring, Barclays said in a research note that this move likely “is driven more by deteriorating market sentiment and recession risks.”
Read more: https://www.jsonline.com/story/money/2020/03/09/dow-oil-tumbles-global-recession-fears/4998613002/?csp=chromepush
= new reply since forum marked as read
9/11?
2008?
It’s a big deal to halt trading because it means a plunge dive is expected....
We're done
at 7% drop, 15 minute break. The next circuit breaker will kick in at 13%. I wonder if Trump is out asking people about their 401Ks this morning?
