Stocks Plunged, Triggering Circuit Breaker

U.S. stocks plunged at open and triggered circuit breakers on Monday morning, after investors failed to take comfort in the Federal Reserve’s decision to slash its benchmark interest rate to nearly 0%, as policymakers continue to ramp up their responses to the global coronavirus outbreak. The Dow Jones Industrial Average fell 2,250.46 points, or 9.71%, to 20,935.16, the S&P 500 declined 220.55 points, or 8.14%, at 2,490.27. The Nasdaq Composite declined 482.15 points, or 6.12%, at 7,392.73.

Crude prices tumbled on Monday, after an emergency Federal Reserve interest rate cut did nothing to stem the panic among investors triggered by the rapidly spreading coronavirus. West Texas Intermediate crude for April delivery fell $2.34, or 7.2%, to $29.39 a barrel. May Brent crude dropped $3.16, or more than 9%, to $30.69 a barrel.

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