Twitter users react to Monday's stock market crash as #BlackMonday trends online.
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Muskoka Post Staff
Trading on Wall Street was suspended on Monday as the coronavirus sent the Dow Jones industrial index plummeting by 2,033 points. It came just moments after the New York-based index opened at 9:30 a.m., as the number of coronavirus cases increased past 110,000 worldwide. The sudden drop saw the phrase and hashtag ‘Black Monday’ trend on Twitter.
March 9 has been the worst day for stock market losses since the 2008 financial crisis; fuelled by investor panic over the coronavirus outbreak and the fear over an oil price war initiated by Saudi Arabia.
The benchmark U.S. crude price was down over 20 percent, the biggest daily drop since the Gulf war in 1991 to hit their lowest levels since 2016. At one point they were down as much as 30 percent as Saudi Arabia, Russia and other major producers fail to agree on cutting output to prop up prices.
The massive drop triggered an automatic ‘circuit breaker’ which suspended trading on the Dow Jones for 15 minutes in an attempt to avoid further economic damage to America’s top 30 publicly listed companies. The larger Standard and Poors (S&P) index of 500 companies also saw trading halted for 15 minutes after experiencing its own 7 percent drop moments after trading began. The Dow Jones has since reopened trading, with stocks 1,455 points down just before 10:45 a.m on Monday.
Muskoka Post has compiled a list of #BlackMonday Twitter reaction posts from this mornings stock market blood bath.