Markets

Wall St. trades halted for 3rd time in 6 days

S&P 500 companies lost more than $2 trillion in value in the first few minutes of trading on Monday as investors panicked about the mounting damage from the coronavirus pandemic on the global economy.

Trading on the three main U.S. stock indices was halted for 15 minutes at the open, the third such pause in six days, as the benchmark index plunged 8% and triggered an automatic cut-out.

A sharp cut in interest rates by the Federal Reserve to near-zero only added to the alarm, while traders worried that the pandemic was paralysing supply chains and squeezing company finances.

Apple, Amazon and Microsoft together lost nearly $300 billion in market value. Wall Street’s fear gauge jumped 13 points to 70.83.

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Printable version | Apr 2, 2020 2:37:12 AM | https://www.thehindu.com/business/markets/wall-st-trades-halted-for-3rd-time-in-6-days/article31092726.ece

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