U.S. stocks trade halted for 15 minutes after bruising open

The suspension was triggered after the S&P 500's losses hit 7%, with trading resuming after 15 minutes

March 09, 2020 08:01 pm | Updated 08:08 pm IST - New York

Traders work on the floor of the New York Stock Exchange on Monday, March 2, 2020.

Traders work on the floor of the New York Stock Exchange on Monday, March 2, 2020.

Trading on Wall Street was temporarily halted early on Monday as U.S. stocks joined a global rout on crashing oil prices and mounting worries over the coronavirus (COVID-19) .

The suspension was triggered after the S&P 500's losses hit 7%, with trading resuming after 15 minutes.

Also read | Viral economies: On coronavirus impact

Near 1400 GMT, the broad-based S&P 500 was down 6.6% at 2,776.47.

The benchmark Dow Jones Industrial Average sank 6.9% to 24,087.20, while the tech-rich Nasdaq Composite Index fell 6.2% to 8,042.17.

After two difficult weeks amid rising worries over the virus, markets appeared to enter a new phase of worry early on Monday after oil producers failed to reach an agreement on a pact to limit output, sending oil futures crashing.

The virus itself continued to prompt major economic dislocations, as Italy imposed a month-long lockdown on the country's northern region and additional major sporting events were cancelled, along with concerts and industry conferences.

The International Monetary Fund called for “substantial” stimulus and international coordination to counteract the economic impact of the spreading COVID-19 epidemic, while the New York Federal Reserve Bank announced it will increase its daily injections of cash into financial markets by $50 billion to $150 billion to boost market liquidity.

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