US stock trading halts again after sharp nosedive

By Vakkas Dogantekin

ANKARA (AA) - Stocks plunged nearly 10% at the opening of trading Monday on Wall Street, followed by an automatic 15-minute halt for the third time since the onset of coronavirus outbreak.

Federal Reserve late Sunday took emergency actions and cut its key interest rate to near zero to support the economy.

European markets also took a similar hit around 10%. The price of crude oil fell about 10%, while bond prices soared as investors sought safety.

The Dow plunged 2,250 points, 9.7%, as the U.S. administration is taking additional measures that shut down a significant swath of retail industries in response to the COVID-19 pandemic.

Nasdaq fell by around 6%. Investors are rattled by questions over the impact the new coronavirus is having on economic activity and global supply chains, as well as a sharp decline in the price of oil.

If the S&P falls by 13% after its first halt, the circuit breaker will be triggered again, while a drop of 20% would halt trading for the rest of the day.