Dow plunges 2,250 points, trading halts almost immediately after opening
Wall Street trading was almost immediately halted on Monday morning as the Dow Jones Industrial Average and the S&P 500 took a dive.
The Dow fell 2,250 points, or almost 10 percent, while the S&P 500 fell 8 percent at the start of trading on Monday morning, triggering the stock market's circuit breaker and leading to a 15 minute trading pause once again. This was the third halt in trading in the past six sessions, notes The Wall Street Journal's Michael C. Bender.
In fact, as MSNBC's David Gura points out, the circuit breaker was triggered twice last week after about five minutes of trading, but on Monday, it took less than one minute.
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.
"We literally rang the bell and trading was halted," Yahoo's Ines Ferre said.
This comes after the Federal Reserve on Sunday announced it was slashing interest rates to near zero, with Fed Chair Jerome Powell saying the coronavirus pandemic "presents significant economic challenges."
President Trump on Sunday praised the Federal Reserve's interest rate cut, saying he was "very happy" with it after previously touting Friday's rally and sending a signed photo of the Dow's rise to Fox Business host Lou Dobbs. But The New York Times' Jim Tankersley noted Monday that "if the S&P drops one more time like it just did at opening, it will have erased all of its gains since Trump's inauguration."
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.
-
Swiss bliss: Chenot Palace Weggis takes wellness to the next level
The Blend Heath retreat on Switzerland's Lake Lucerne offers a mid-winter reset
By Felix Bischof Published
-
Earth's mini-moon was the moon all along
Under the radar More lunar rocks are likely floating in space
By Devika Rao, The Week US Published
-
Crossword: February 4, 2025
The Week's daily crossword
By The Week Staff 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