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Dow Jones points plumment as coronavirus panic spreads

By | Rachel Brooks

Staff | Telegraph Local 

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Above, CBS Los Angeles depicts the scene inside the stock market as the Dow suffered a critical point drop.

The Dow Jones plummeted 2,000 points today, citing CBS Los Angeles. The Dow Jones had been temporarily stalled after the market tanked by 7% earlier today. Financial professionals speaking with CBS Los Angeles explained that the halt is a built-in precaution for events when the market changes relatively quickly, either in an upward or downward trend direction. This failsafe exists to give investors time to step back and understand the direction the market is taking. Initially, the Dow Jones dropped 1,800 points early in the first few minutes of daily trading. Coronavirus crisis fears sparked the market panic. 

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Oil was one of the markets to suffer the losses of the poor trading day in the Dow Jones and the S&P 500. Oil traders had negotiated a deal to slow production of oil to prop up the costs of oil and thus somewhat stabilize the marketplace. CBS Los Angeles reported that this deal “fell through.” As the deal “fell through” the climate “sparked a price war.” 

 

Peter Tuchman, a floor trader, speaking with CBS Los Angeles stated that this incident sparked a trade war of sorts between Saudi Arabia and Russia. These are two of the major players in the oil and gas industry. 

CNBC stated in recent developments that this was the Dow Jones worst trading day since the stock market crisis era of 2008. In the most recent developments, the S&P 500 also dropped by 6.5%. CNBC reported that the 30 stock benchmark was down by 2,158 as of 3 pm CST. CBS called the plummet in oil prices a “collapse” in the oil market.  

CNBC also reported that these sharp declines followed a “roller coaster” week in Dow trading. 

The Dow closed in Eastern time a bit higher than the day’s lowest reported points. Data at the bell reported -2,013.76 points or 7.79 percent. This citing the Dow Jones Industrial Average. 

NBC News reported that the “stunning losses” came directly after an 11-year bull market streak. NBC reported that oil prices “cratered” by 25%. This decline came as world lead traders failed to reach a compromise on price. 

This morning, NPR News reported that the temporary halt of the market was the first time the markets have completely halted for a scheduled period since October 1997. NPR reported, as of Monday morning, that the blue-chip index was down by 7.8% and the S&P 500 was down by 7.6%. NPR reports that traders sought relative safety in government bonds as they evacuated the shaky Dow. 

Market Watch reports that stocks will fall into a bear market if this situation continues. Today marked the anniversary of the March 9, 2009 bull market. That status seemed to rapidly decline today as stocks fell so dramatically they triggered a built-in system circuit breaker to stall the panic. 

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The Spectator Index reports a financial plummet the world over. The Dow suffered dramatically but many other markets may have taken even worse hits. 

The Spectator Index noted that three months ago crude oil traded at $58.9 and today it traded at $30.9 average. This is a decline of 28 dollars average, which is roughly half the value of crude three months ago. 

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