Dow Drops 1,500 Points as Oil Price Plunge Shocks Markets
NEW YORK (AP) — The Dow Jones Industrial Average plummeted 1,500 points, or roughly 6%, following similar drops in Europe after a fight among major crude-producing countries jolted investors already on edge about the widening fallout from the outbreak of the new coronavirus.
Indexes in London and Frankfurt dropped more than 6%.
Oil prices are down about 20%, deepening a rout that began when Saudi Arabia and other producers failed to agree on cutting output.
Several big energy companies lost more than 40%.
Treasury yields sank to new lows as investors scrambled for safety almost regardless of how little bonds pay.