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US STOCKS-Dow dives 2,000 points after oil shock

Published 03/09/2020, 10:03 PM
Updated 03/09/2020, 10:16 PM
© Reuters. US STOCKS-Dow dives 2,000 points after oil shock
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(For a live blog on the U.S. stock market, click LIVE/ or
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* Energy stocks plummet as oil slumps 22%
* Fall would be Dow's biggest daily loss ever
* Indexes down: Dow 6.93%, S&P 6.59%, Nasdaq 6.19%

(Updates to open)
By Medha Singh and Sanjana Shivdas
March 9 (Reuters) - Wall Street's main indexes dropped 7%
and the Dow Jones Industrials crashed 2,000 points in what would
be its biggest one-day fall ever, as trading resumed on Monday
following a 22% slump in oil prices.
Trading on U.S. stock exchanges was halted immediately after
opening on Monday, as the S&P 500 fell 7%, triggering an
automatic 15 minute cutout put in place after the 2008-9
financial crisis.
Saudi Arabia's move to raise oil production significantly
after OPEC's supply cut agreement with Russia collapsed sent
ripples across global financial markets already panicking about
the impact of the coronavirus outbreak. O/R
Crude oil logged its worst day in almost three decades,
sending oil majors Chevron Corp CVX.N and Exxon Mobil Corp
XOM.N down more than 9%. The energy .SPNY index slumped
20.1%.
At 9:54 a.m. ET, the Dow Jones Industrial Average .DJI was
down 1,791.85 points, or 6.93%, at 24,072.93 and the S&P 500
.SPX was down 195.93 points, or 6.59%, at 2,776.44. The Nasdaq
Composite .IXIC was down 530.62 points, or 6.19%, at 8,045.00.

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