Dow Jones Industrial Suffers Worst One-Day Point Decline Ever, Oil Price War and Coronavirus to Blame
By Fox News // March 9, 2020
New York Federal Reserve to increase daily cash injections
ABOVE VIDEO: Oil prices see biggest drop since 1991.
(FOX NEWS) – U.S. equity markets tumbled Monday after an oil price war broke out between Saudi Arabia and Russia and amid new cases of coronavirus, especially in America.
The Dow Jones Industrial Average closed over 2,000 points lower, coming back from a point drop of more than 2,150 points, or 8.2 percent, at session lows while the S&P 500 and Nasdaq Composite were lower by 7.9 percent and 7.2 percent, respectively.
The drop is now the worst one-day point decline ever for the Dow.
Monday’s sharp selloff, which caused the major averages to be temporarily halted due to volatility, caused the New York Federal Reserve to increase its daily cash injections into the banking system to $150 billion from $100 billion.
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