Name: Wall Street clobbered as crude plummets, virus crisis deepens
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Wall Street clobbered as crude plummets, virus crisis deepens

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By NEW YORK (Reuters) - Wall Street suffered its biggest one-day loss since the 2008 financial crisis on Monday and recession worries loomed large as tumbling oil prices and ongoing coronavirus fears prompted investor panic on the anniversary of the U.S. stock market’s longest-ever bull run.All three major U.S. stock averages plunged sharply at the opening bell, triggering trading halts put in place in the wake of 1987’s “Black Monday” crash. The Dow plummeted a record 2,000 points out of the starting gate on a day that marked the current bull market’s 11th year.S&amp;P 500 futures declined about 1% after the bell, briefly extending their loss to just over 20% from their record high on Feb. 19 and suggesting the bull market may have ended. Investors generally consider a drop of 20% from a recent high to signify a bear market, raising the expectations of a drawn out period of negative sentiment.“There’s a lot of fear in the market and if the price of oil continues to move lower it’s an indication that a global recession is not far away,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.Benchmark 10-year U.S. Treasury yields briefly sank to 0.318%, a record low.The sell-off began over the weekend when an oil supply pact between Saudi Arabia and Russia collapsed and both countries vowed to hike production amid weakening global demand due to the coronavirus and signs of an economic slowdown.Related CoverageSee more storiesGlobal markets were already on edge as worldwide confirmed cases of COVID-19 surged past 110,000, causing widespread supply disruption and large-scale quarantine measures as governments scramble to contain the outbreak.Slideshow Declining issues outnumbered advancing ones on the NYSE by a 17.86-to-1 ratio; on Nasdaq, a 19.11-to-1 ratio favored decliners.The S&amp;P 500 posted one new 52-week high and 229 new lows; the Nasdaq Composite recorded nine new highs and 1,049 new lows.Slideshow Volume on U.S. exchanges was 17.22 billion shares, compared with the 11.05 billion average over the last 20 trading days.(GRAPHIC: S&amp;P energy relative to S&amp;P 500 vs crude - )Reporting by Stephen Culp, additional reporting by Noel Randewich in San Francisco, editing by Dan GreblerOur Standards:

By NEW YORK (Reuters) - Wall Street suffered its biggest one-day loss since the 2008 financial crisis on Monday and recession worries loomed large as tumbling oil prices and ongoing coronavirus fears prompted investor panic on the anniversary of the U.S. stock market’s longest-ever bull run.All three major U.S. stock averages plunged sharply at the opening bell, triggering trading halts put in place in the wake of 1987’s “Black Monday” crash. The Dow plummeted a record 2,000 points out of the starting gate on a day that marked the current bull market’s 11th year.S&amp;P 500 futures declined...

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Stephen Culp

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Wall Street clobbered as crude plummets, virus crisis deepens

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