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Panic in the Markets Caused NYSE Trading to Stop for 15 minutes

The continuing spread of coronavirus coupled with an oil-price plunge over the weekend sent markets into a panic Monday morning, with the Dow losing up to 7% and trading on the New York Stock Exchange temporarily halted to stop the bleeding. Five minutes into trading, the S&P 500’s losses hit 7 percent, causing an automatic…

Panic in the Markets Caused NYSE Trading to Stop for 15 minutes
The continuing spread of coronavirus coupled with an oil-price plunge over the weekend sent markets into a panic Monday morning, with the Dow losing up to 7% and trading on the New York Stock Exchange temporarily halted to stop the bleeding.

Five minutes into trading, the S&P 500’s losses hit 7 percent, causing an automatic stop to trading that lasted 15 minutes. After trading resumed, the markets began regaining some of what they’d lost. As of this publication, the Dow Jones Industrial Average was down 5%, or nearly 1,400 points.

The panic is rooted in fears about the coronavirus, as well as a crash in the oil market — set off over the weekend by a price war between Russia and Saudi Arabia — which subsequently tanked global stock markets earlier in the day.

President Donald Trump attempted to assuage fears with a tweet comparing coronavirus to the flu:

The CDC, by contrast, has warned Americans that they shouldn’t travel by cruise ship and should avoid long plane rides for the time being, and that the elderly should stay home as often as possible.

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