Biggest Dow Losers as Dow Drops as Much as 2000 Points

Authored by 

JACOB SONENSHINE via The Street.

The biggest Dow Jones Industrial Average losers included banks and oil stocks, two of the most sensitive groups to the global happenings Monday.

The Dow fell as much as 7.9%, or more than 2,000 points Monday. Trading was halted for a tier one circuit breaker, or one that is sparked by a 7% market drop. When trading resumed, the losses moderated to 5.84% on the Dow. The S&P 500 fell 5.83% and the Nasdaq 5.5%.

Oil stocks got hit on not only lower expected demand due to the now 100,000 global Coronavirus cases, but also on OPEC’s nixed plans of production cuts. Oil fell 20%. There are now hundred of virus cases in the U.S.

The 10 year treasury yield fell to as much as 0.4%, before the buying of the bond moderated, bring the yield to 0.54%.

“We are seeing signs of panic” in the market, said Chris Zaccarrelli, chief investment officer of Independent Advisor Alliance.

Here were the biggest Dow losers:

Dow Inc (DOW) - Get Report: -14%

Chevron (CVX) - Get Report: -10.75%

JPMorgan (JPM) - Get Report: -9.93%

Boeing (BA) - Get Report: -8.79%

Goldman Sachs (GS-N) - Get Report.: -8.34%

Exxon Mobil (XOM) - Get Report: -7.83%