Dow plunges 1,800 points at open on coronavirus fears and drop in oil prices, intensifying fears of a global recession
“Every major stock market is getting hammered as oil prices plunge due to a price war following the breakdown of Saudi Arabia’s oil-cutting alliance with Russia over the weekend,” Nigel Green, chief executive and founder of financial consultancy deVere Group, said in a note.
The latest melt down in the energy market raises the possibility of stocks falling into bear market, or a fall of 20% from a recent peak, according to Peter Cardillo, chief market economist at Spartan Capital Securities. Saudi Arabia's decision came after OPEC failed to strike a deal with its allies on a cut to oil production. An agreement would have contained the plunge in the price of crude caused by the virus outbreak’s disruption to world business, analysts say.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dow futures tumble as Saudi-Russia oil price war adds to coronavirus stressSaudi Arabia slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the oil market as global demand declines.
Read more »
Dow futures down over 1,200 points as oil-price plunge sends shock waves through global marketsU.S. stock-index futures were down sharply Monday, falling their daily limit, as fears of an oil price war between OPEC and Russia sent crude futures...
Read more »
Dow futures tumble 1,000 points as all-out oil price war adds to coronavirus stressSaudi Arabia slashed official crude selling prices for April, in a sudden U-turn from previous attempts to support the oil market as global demand declines.
Read more »
Dow set to open with decline of 1,300 points as markets craterDEVELOPING: Markets around world plunging Monday, as oil price war adds to coronavirus fears. Dow set to open with another sharp decline around 1,300 points; 10-year Treasury yield was pushed to an all-time historic low of 0.3% by early morning.
Read more »
Dow futures sink nearly 1,300 points, oil prices drop as concerns mount about a global recessionU.S. stock futures and bond yields tumbled Monday, extending a global rout after a sharp drop in crude prices intensified concerns about a global recession.
Read more »
Stock market live updates: Stocks reopen after halting, Dow down 1,800Stock market live updates: Shares of bank stocks are suffering amid a collapse in bond yields. Shares of Citigroup are down more than 10%, JPMorgan lost 9%, Goldman Sachs fell 8% and Bank of American dropped 8%.
Read more »