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Dow closes with 7.8% drop, largest since 2008 on oil slump and coronavirus fears
Stocks are cratering as markets close on Monday, with the Dow down close to 7 percent in the largest single-day drop in NYSE history and the S&P and Nasdaq not far behind. Coronavirus and a drop in oil prices are to blame.
The Dow was down 7.8 percent at the close of trading on Monday, with the S&P and Nasdaq not far behind at -7.61 percent and -7.29 percent, respectively. Plunging oil prices - the commodity lost 30 percent of its value overnight - and coronavirus-related panic took a big bite out of stock values, leading to one of the worst trading days since the 2008 crisis.
The US wasn’t alone in having its bottom drop out - markets around the world were feeling the sting, from Greece - hit the worst with a 13 percent drop - to China, which got off comparatively easy at -3 percent. However, China has been feeling the effects of the coronavirus panic for longer than anyone.
Stockmarkets today.Greece: -13%Italy: -11%France: -9.8%Spain: -9.6%Norway: -9.3%Germany: -9%Netherlands: -8.8%US (Dow): -7.8%Saudi: -7.7%UK: -6.8%Australia: -6.6%Indonesia: -6.6%South Africa: -6.5%India: -5.4%Japan: -5%Turkey: -5.5%South Korea: -4.2%China: -3%
— The Spectator Index (@spectatorindex) March 9, 2020
The epidemic, which has hit most of the world’s economic hotspots, has depressed demand for oil, leading to the price drop that triggered the day’s panic-selling - a vicious cycle that doesn't seem likely to stop anytime soon.
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