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Stock slide triggers first trading halt in two decades

Updated: March 09, 2020 07:02 PM

NEW YORK (AP) - Stocks went into a steep slide today on Wall Street, with the Dow more than 2,000 points, as coronavirus fears and a crash in oil prices spread alarm through the market.

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The Dow Jones Industrial Average fell 2,015 points, or 7.8%, to end the day at 23,849.

Early in the trading day, the fall triggered the first automatic trading halt in over two decades.

The price of oil sank 20% after Russia refused to roll back production in response to falling demand and Saudi Arabia signaled it will ramp up its own output.

Saudi Arabia slashed oil prices after OPEC failed to get some allies to cooperate on production cuts. The price for a barrel of oil in the U.S. slid below $34, the largest single-day decline since the days following the Sept. 11 attacks.

Europe fell into a bear market, closing the day with the heaviest losses since the 2008 financial crisis.

U.S. stocks are down 18% from the peak they reached last month. Bond yields plumbed new lows as investors sought safety.

Copyright 2020 The Associated Press. All rights reserved.

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