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Stocks nosedive on Wall Street, triggering trading halt

Posted at 9:57 AM, Mar 16, 2020
and last updated 2020-03-16 11:33:25-04

NEW YORK -- Stocks lost more than 6% on Wall Street Monday as huge swaths of the economy come closer to shutting down due to the coronavirus outbreak.

The losses were even steeper earlier in the morning, and trading was halted shortly after the open after the S&P 500 lost more than 7%.

Markets around the world are down by similar percentages despite emergency actions taken by the Federal Reserve late Sunday to prop up the economy and get financial markets running smoothly again.

The Fed on Sunday cut its key interest rate to near zero.

The price of oil dropped 8%. Bond prices soared as investors sought safety.