Business
Stock market briefly interrupts trading after heavy losses from coronavirus
Trading was briefly interrupted during a Wall Street rout on Monday that caused a liquidation of more than 7% due to a sharp drop in oil prices and more fallout from the coronavirus.
The Dow Jones Industrial Average fell more than 1,800 points after the opening bell Monday morning. Trading resumed after the 15-minute "breaker" and liquidation eased slightly, but losses were still significant mid-day.
President Trump was scheduled to meet with his business team in Washington later on Monday, and the White House invited Wall Street executives to a meeting on Wednesday as President considers a range of options to prevent the economy from falter.
On Capitol Hill, a spokesperson for the Senate finance committee said on Monday that Iowa Republican president Charles E. Grassley "is exploring the possibility of targeted tax relief measures that could bring a quick and effective response to the coronavirus. "
"Several options under the committee's jurisdiction are being explored as we learn more about the effects on specific industries and on the economy as a whole," said committee spokesperson, Michael Zona.
By noon, the Dow Jones had lost more than 1,600 points, or 6.2%, and the S&P 500 was down 5.8%.
SEE ALSO: Ted Cruz undergoes auto-quarantine after contact with a patient with a CPAC coronavirus
Oil prices fell 30% over the weekend, boiling markets that were already in the midst of the global coronavirus epidemic. Markets in Europe also fell about 7%, and some analysts called it "Black Monday" as concerns rose from a global recession.
Jim Cramer of CNBC said that the collapse in oil prices and bond yields has placed the stock market in "unknown waters".
"The collapse in yields and oil heralds an impending recession," he tweeted.
Trump, who met with supporters on Monday for a $ 4 million private fundraiser in Florida, blamed the stock market downturn on "Saudi Arabia and Russia fighting over the price and the flow of oil. "
"This is, and the fake news, the reason for the market downturn!" he tweeted.
He said the drop in oil prices was "good for the consumer, gas prices going down!"
The president also suggested that markets were overreacting to the coronavirus, which killed 22 people in the United States.
"Last year 37,000 Americans died from the common flu," said Mr. Trump. “It is on average between 27,000 and 70,000 per year. Nothing is closed, life and the economy go on. There are currently 546 confirmed cases of CoronaVirus, with 22 deaths. Think about it! "
Secretary of Health and Human Services Alex Azar asked a reporter on Monday what the administration was facing with the threat to the economy, said that Mr. Trump's team adopted a "whole-of-government approach" to the crisis.
"The idea that we cannot do our day work and work on this very serious problem is absurd," said Mr. Azar. "We take COVID-19 incredibly seriously, and our teams, our public health agencies, are actively working while we are sitting here and are also trying to reform the entire health system."
Azar also said that "has the tools and knows the tools to keep this economy going."
"But his primary goal is public health," he said on Fox News.
The 15-minute trading halt followed rules implemented in 2013. If the S&P 500 drops 7%, trading stops for 15 minutes.
If the S&P 500 drops 13%, trading would again pause for 15 minutes if the decline occurs before 3:25 p.m. AND.
And if the S&P 500 drops 20%, trading will stop for the day.
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