Stocks plunged 7% on Wall Street on Monday, triggering a trading halt for 15 minutes.
The steep drop in New York followed similar falls in Europe after a fight among major crude-producing countries jolted investors already on edge about the widening fallout from the outbreak of the new Covid-19.
Indexes in London and Frankfurt dropped by more than 7%.
Oil prices are down about 20%, deepening a rout that began when Saudi Arabia, Russia and other producers failed to agree on cutting output.
Bond yields sank to new lows.
Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
Good for the consumer, gasoline prices coming down!
— Donald J. Trump (@realDonaldTrump) March 9, 2020
Securities Exchange dropped by more than 7%.
US President Donald Trump played down the drop in the markets.
He tweeted: “Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop!”
In another tweet he said: “Good for the consumer, gasoline prices coming down!”
