Not even two weeks after setting a record for its worst-ever single-day point drop, the Dow on Monday heartily broke that record. It was down 2,013 points at the close, or nearly 8%, per Marketwatch. Fears related to the coronavirus outbreak continued to plague the markets; the S&P 500 closed down 226 points, also nearly 8%, while the Nasdaq was down 625 points, or 7%. The AP reports that the nearly 25% plunge in oil prices also contributed to the declines, which were so steep that automatic trading halts were triggered for the first time in two decades. US stocks are now down 19% from their peak last month, and bond yields sank as investors looked for safety. Meanwhile, Europe entered a bear market. Highlights from the rest of our Monday coverage of the coronavirus and financial fronts:
- In tweets earlier Monday, President Trump suggested the concern about the novel coronavirus is overblown and found reason for optimism amidst tanking oil prices, tweeting: "Good for the consumer, gasoline prices coming down!"
- Ireland has canceled an iconic event over coronavirus fears.