Dow Plunges Over 2,000 Points, Marking Its Worst Day Since 2008
The S&P 500 fell more than 7.5% on Monday, its worst single day decline since December 2008, and the Dow Jones Industrial Average fell more than 2,000 points on a day dominated by increasing COVID-19 coronavirus-related concerns, plunging interest rates, and falling oil prices.
What began as a spat between Saudi Arabia and Russia over the weekend caused crude oil prices to post their largest single-day declines since the end of the Gulf War in 1991, sending shares of oil giants Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) down more than 12% apiece. Financials were also among the big losers weighing on the Dow, with Bank of America (NYSE: BAC) down 14.7% and JP Morgan Chase (NYSE: JPM) down 13.5%, pressured by 10-year Treasury yields falling to below 0.5% midday.
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Source Fool.com
