Market losses trigger second circuit breaker of the week

Declines follow Trump's European travel ban to stop coronavirus spread

Wall Street traders mourning stock losses
Wall Street traders mourning stock losses
(Spencer Platt / Getty Images_
Last Updated:
March 12, 2020 - 10:03am

Financial markets worldwide continued to plunge Thursday morning as investors respond to the news of a temporary travel ban between the United States and most of Europe in response to the coronavirus outbreak.

The Dow Jones Industrial Average dropped 7.4% or 1,732 points, at its opening – triggering an automatic 15-minute halt on all trading. This is the second time this week that the trigger has been activated.

European equities also dipped dramatically. The Stoxx Europe 600 fell 7.8%, meaning it will probably close having had its wort single-day showing in three-decades.

The global oil benchmark, Brent crude, is now trading at $33.54 a barrel - down 6.4% from yesterday, a reflection of a decreased demand for jet fuel. Per Monday’s warnings from analysts, oil prices may soon drop into the $20 per barrel range.

Analysts say the losses in recents weeks as a result of the economic impact of the deadly virus has ended the markets' 11-year bull run.

Lawmakers on Capitol Hill will continue debating Thursday the terms for an economic stimulus package to help the American economy and workers in light of the now global pandemic of coronavirus.