S&P 500 sinks 7 percent, triggering pause for 1st time since 2008
New York Stock Exchange trading was paused Monday morning as the S&P 500 and the Dow Jones Industrial Average both took a dive.
After the S&P 500 fell seven percent on Monday morning, and after the Dow plunged more than 1,800 points, a "circuit breaker" was almost immediately triggered to pause trading for 15 minutes, NBC News reports. This was the first time the breaker had been triggered since December 2008, during the financial crisis, Bloomberg reports. The S&P 500 that day ended down 8.9 percent.
This comes not only amid growing anxiety over the spread of the new coronavirus, but after Saudi Arabia slashed oil export prices by almost 10 percent over the weekend and after crude fell more than 20 percent. Analyst Sebastien Clements said per The Associated Press, "A blend of shocks have sent the markets into a frenzy on what may only be described as 'Black Monday.'"
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Trading soon resumed, but if the S&P 500 were to fall 13 percent, per The New York Times, this would trigger another pause.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brendan worked as a culture writer at The Week from 2018 to 2023, covering the entertainment industry, including film reviews, television recaps, awards season, the box office, major movie franchises and Hollywood gossip. He has written about film and television for outlets including Bloody Disgusting, Showbiz Cheat Sheet, Heavy and The Celebrity Cafe.
-
Student loan wage garnishment: how it works and how you can stop it
The Explainer Your loan servicer may seize your wages if you fail to make payments on your student debt
By Becca Stanek, The Week US Published
-
The Louvre is giving 'Mona Lisa' her own room
Speed Read The world's most-visited art museum is getting a major renovation
By Peter Weber, The Week US Published
-
OpenAI announces ChatGPT Gov for government use
Speed Read The artificial intelligence research company has launched a new version of its chatbot tailored for the US government
By Rafi Schwartz, The Week US Published
-
Chinese AI chatbot's rise slams US tech stocks
Speed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
By Peter Weber, The Week US Published
-
US port strike averted with tentative labor deal
Speed Read The strike could have shut down major ports from Texas to Maine
By Peter Weber, The Week US Published
-
Biden expected to block Japanese bid for US Steel
Speed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
By Peter Weber, The Week US Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published