NEW YORK (AP) – Stocks went into a steep slide Monday on Wall Street as coronavirus fears and a crash in oil prices spread alarm through the market, triggering the first automatic trading halt in over two decades.
The price of oil sank 20% after Russia refused to roll back production in response to falling demand and Saudi Arabia signaled it will ramp up its own output. Europe fell into a bear market, closing the day with the heaviest losses since the 2008 financial crisis.
U.S. stocks are down 18% from the peak they reached last month. Bond yields plumbed new lows as investors sought safety.