Monday in review: 16.03.2020

Monday in review: 16.03.2020

Wall Street had its biggest drop since the crash of 1987 on Monday despite the fact that unprecedented steps were taken by the Federal Reserve to mitigate the economic damage from a spreading Coronavirus pandemic. Bars, restaurants, theatres and movie houses were ordered to close, and U.S. states pleaded with the Trump administration to coordinate a national response to the outbreak.

Nike, Under Armour and others said that they would close stores in the United States and some other markets.

The major American indices fell and lost significant market capitalization during yesterday’s trading session. USA30 fell 12.93%, TECH100 fell 12.32% being the biggest one-day percentage drop in history, and USA500 fell 11.98%. USA500 lost $2.69 Trillion in market capitalization for the day, according to S&P Dow Jones Indices.

Trading on the three major stock indexes was halted for 15 minutes shortly after the open as USA500 plunged 8%, crossing the 7% threshold that triggers an automatic cutout.

VIXX ended the session at 82.69, its highest ever closing level.

The Oil market still tries to find its price, but the economic slowdown caused by the Coronavirus and the war price between Saudi Arabia and Russia, doesn’t leave room for improvement. Brent Oil fell 9.4% to $30.66 per barrel, and Oil fell 6.5% to $30.03 per barrel.

Gold fell 2.7% to $1,474/oz, and EUR traded at $1.1160, up 0.5%.


Sources: investing.com, marketwatch.com

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