(FinancialHealth.net) – The novel coronavirus and an oil price war are ravaging global financial markets. The effects have been so severe, they triggered a mandatory “circuit breaker” after the New York Stock Exchange (NYSE) opened on Monday.
The S&P 500 fell 7% to 2,764.21 when the market opened. The sharp decline forced the NYSE to pause trading for 15-minutes:
— Bloomberg (@business) March 9, 2020
The last time this happened was in December 2008 during the financial crisis. The Dow Jones Industrial Average dropped 1,665 points (6.4%) before trading stopped on Monday, March 9th. When the market reopened, the Dow Jones and S&P continued falling, shedding 2,046 points and 7.4% respectively.
NYSE President Stacey Cunningham said circuit breakers are used so investors have a moment to “understand what’s happening in the market.”
If the S&P 500 loses 13%, another circuit breaker will pause trading for 15 minutes, or it will stop for the day if the index falls 20%.
Americans who have their retirement or other money invested in the market should pay close attention to what happens today and consult their investment plans to decide what to do to protect themselves.
~Here’s to Your Financial Health!
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