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: