Date: 2024-07-17 Page is: DBtxt003.php txt00018431
Capital Markets
CoronaVirus Panic
TRADING PAUSE ON WALL STREET ENDS; DOW IS DOWN MORE THAN 5 PERCENT
Peter Burgess
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Date: 2024-07-17 Page is: DBtxt003.php txt00018431 | |||||||||
Capital Markets | |||||||||
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Burgess COMMENTARY Peter Burgess | |||||||||
| TRADING PAUSE ON WALL STREET ENDS; DOW IS DOWN MORE THAN 5 PERCENT LIVE UPDATES Dow drops sharply after markets reopen following 15-minute trading pause Updated March 9, 2020, 6 minutes ago A broker scratched his head as he looked at his screens at the stock market in Frankfurt, Germany.MICHAEL PROBST/ASSOCIATED PRESS As the outbreak of the novel coronavirus spreads globally, stock markets around the world have been reacting with volatility. The Globe is providing live updates on the financial markets Monday as investors brace for a rocky day. The Dow is down about 1,400 points, or more than 5 percent, as of 10:12 a.m. A stock market plunge of more than 7 percent shortly after trading began Monday triggered a “circuit breaker” which paused trading on the NYSE for 15 minutes. A fight among major crude oil-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak. The benchmark US crude price was down over 20 percent, the biggest daily drop since the Gulf war in 1991. The Dow is down about 1,400 points, or more than 5 percent, as of 10:12 a.m. A stock market plunge of more than 7 percent shortly after trading began Monday triggered a “circuit breaker” which paused trading on the NYSE for 15 minutes. A fight among major crude oil-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak. The benchmark US crude price was down over 20 percent, the biggest daily drop since the Gulf war in 1991. Monday, March 9, 10:18 a.m. Biggest stock market drops in history By Larry Edelman The Dow Jones industrial average fell more than 6 percent at the 9:30 a.m. open. Here are the worst days for the Dow based on the percentage loss. The list is dominated by the crashes of 1929 and 1987, further losses during the Great Depression, and the financial crisis of 2008. 1. Oct 19, 1987 - 22.6 percent 2. Oct. 28, 1929 - 12.8 percent Advertisement 3. Oct. 29, 1929 - 11.7 percent 4. Nov. 6, 1929 - 9.9 percent 5. Dec. 18, 1899 - 8.7 percent 6. Aug. 12, 1932 - 8.4 percent 7. March 14, 1907 - 8.3 percent 8. Oct. 26, 1987 - 8 percent 9. Oct. 15, 2008 - 7.9 percent Get Talking Points in your inbox An afternoon recap of the day's most important business news, delivered Monday through Friday. Enter your email address Sign Up 10. July 21, 1933 - 7.8 percent Source: Wikipedia Monday, March 9, 9:56 a.m. By Christina Prignano Markets reopen after ‘circuit breaker’ pauses trading for 15 minutes The stock market on Wall Street has reopened after it was paused for 15 minutes following a sharp drop of more than 7 percent minutes after trading began on Monday. The drop continued after trading resumed, with the Dow falling more than 2,000 points shortly before 10 a.m. before recovering slightly. Monday, March 9, 9:49 a.m. Stock market ‘circuit breaker’ hasn’t been triggered since Dec. 2008 (Bloomberg) — A 15-minute trading halt trading halt took hold after the S&P 500 Index fell 7% to 2,764.21 as of 9:34 a.m. in New York, triggering the breaker for the first time since December 2008 at the depths of the financial crisis. Futures had plunged 4.89% overnight Sunday, triggering exchange rules that limit losses on those contracts and distorting price discovery for the cash market before the opening. When trading resumes, another 15-minute pause will happen if losses reach 13%, a drop that would put the S&P 500 at 2,585.96. If the decline hits 20%, or 2,377.9, markets will close for the day. Only the 20% rule applies in the final 35 minutes of cash trading. Traders have never seen a 13% or 20% breaker trip. Monday, March 9, 9:35 a.m. New York Stock Exchange trading paused after Dow plunges shortly after opening NEW YORK (AP) — Stocks plunged 7% on Wall Street Monday, triggering a trading halt for 15 minutes. The steep drop followed similar falls in Europe after a fight among major crude-producing countries jolted investors already on edge about the widening fallout from the outbreak of the new coronavirus. Indexes in London and Frankfurt dropped by more than 7%. The benchmark for Italy, where the industrial and financial heartland was put in lockdown, fell 11%. Oil prices are down about 20%, deepening a rout that began when Saudi Arabia, Russia and other producers failed to agree on cutting output. Bond yields sank to new lows. Monday, March 9, 9:00 a.m. Global stocks, oil plunge over fight for crude production BEIJING (AP) — Global stock markets and oil prices plunged Monday after a fight among major crude-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak. The main stock indexes in Britain and Germany were down by almost 7%. Japan's benchmark closed down 5.1% while Australia's lost 7.3% and the Shanghai market in China was off 3%. Trading in Wall Street futures was halted for this first time since the 2016 U.S. presidential election after they fell more than the daily limit of 5%. Bond yields hit new lows as investors bought them up as safe havens. Advertisement The benchmark U.S. crude price was down over 20%, the biggest daily drop since the Gulf war in 1991 to hit their lowest levels since 2016. They were down as much as 30% earlier, deepening a rout that began when Saudi Arabia, Russia and other major producers failed to agree on cutting output to prop up prices. A breakdown in their cooperation suggested they will ramp up output just as demand is sliding. Read more Monday, March 9, 10:18 a.m. MOST POPULAR ON BOSTONGLOBE.COM Mass. reports 15 new cases of coronavirus tied to Feb. Biogen company meeting The number of coronavirus cases reported by Massachusetts health officials grew to 28 Sunday, more than double the number reported a day earlier, state health officials said. SPORTS MEDIA 1510 The Zone had a chance to dethrone WEEI as Boston’s sports radio leader. But you couldn’t hear it. An oral history of the local station that changed the sports media landscape, but failed to overtake its biggest competitor. Takeda, drug maker with biggest head count in Mass., tells most employees to work from home Takeda, with 5,000 workers here at its US headquarters, says that those who must come into the office should stay at least six feet from one another. LIVE UPDATES Two lawmakers isolate themselves after coronavirus exposure; Ireland may cancel St. Patrick’s Day The most recent updates on what’s happening in the United States and around the world. The traveler’s coronavirus question: Should I stay or should I go? Some travelers are looking for bargains while others are flat out canceling. What happens when you have travel plans in the middle of a pandemic? Scores of sex offenders worked as personal care aides — yet Mass. did not require background checks In 2018, more than 120 personal care attendants — paid by the state to help people with disabilities eat, dress, or use the bathroom — were registered sex offenders, a state watchdog found. Yet state officials, who pay $1 billion to these workers each year, don’t require background checks for them. Prayers in Vegas, slumped shoulders in N.H. — inside the final days of Warren’s campaign Elizabeth Warren reflected on what was happening in a series of behind-the scenes interviews with the Globe in the final month of her campaign. Which Mass. schools are closing because of coronavirus? Some schools in Massachusetts are closing their doors because of the novel coronavirus, joining states and countries around the world. CHAD FINN Some parting reflections from spring training Some random thoughts on eight days spent with the Red Sox spring training in Fort Myers, Fla. MOST POPULAR IN BUSINESS Takeda, drug maker with biggest head count in Mass., tells most employees to work from home Worst plunge since 2016 drags European stocks toward bear market Wells Fargo’s Betsy Duke quits before her turn in Washington hot seat CHESTO MEANS BUSINESS SJC ruling is a win for development industry With a new president, Shields Health Care pushes deeper into outpatient surgery Ireland may cancel St. Patrick’s Day over coronavirus concerns INNOVATION ECONOMY How about an elbow bump, a salute, or even a foot tap? Owners of Mass. casinos already feeling the effects of coronavirus SHIRLEY LEUNG Will the coronavirus cause a recession? 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