Dow Drops 1,500 Points as Oil Price Plunge Shocks Markets
NEW YORK (AP) – The Dow Jones Industrial Average plummeted 1,500 points, or 6%, following similar drops 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 coronavirus.
Indexes in London and Frankfurt dropped more than 8%.
The benchmark for Italy, where the industrial and financial heartland was put in lockdown, fell 11%. Oil prices are down about 20%, deepening a rout that began when Saudi Arabia and other producers failed to agree on cutting output.
Bond yields sank to new lows as investors scrambled for safety.