Dow Ended around 3,000 Points Lower

U.S. stocks extended deep losses on Monday, with the Dow ending around 3,000 points, after President Donald Trump said the U.S. economy “may be” headed for recession and that the COVID-19 outbreak could last for months. At close, the Dow Jones Industrial Average plunged 2,997.10 points, or 12.93%, to 20,188.52. The S&P 500 dropped 324.89 points, or 11.98%, to 2,386.13. The Nasdaq Composite fell 970.28 points, or 12.32%, to 6,904.59.

Crude prices settled at a four-year low on Monday, with U.S. prices below $30 a barrel, 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 $3.03, or 9.6%, to settle at $28.70 a barrel. May Brent dropped $3.80, or more than 11%, to $30.05 a barrel.