The Latest: Why Markets Crashed on Monday

The Daily

The New York Times

Daily News, News

4.4 • 102.8K Ratings

🗓️ 10 March 2020

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

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Summary

Within minutes of the U.S. stock market opening on Monday, the S&P 500 sunk so swiftly that it triggered a 15-minute pause in trading, a rare event meant to prevent stocks from crashing. We look at why this happened and what it means for the U.S. economy. “The Latest,” from the team behind “The Daily,” brings you the most important developments on today’s biggest news stories. You can find more information about it here.

Transcript

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0:00.0	The coronavirus is now spreading rapidly around the world.
0:06.6	People in more than 100 countries have been infected with more than 100,000 reported
0:11.0	cases and over 3,000 deaths.
0:13.6	Breaking news concerns over the coronavirus outbreak and once again they are affecting
0:17.2	the stock market.
0:20.9	What markets are looking at is what's happening now and what they think is going to happen
0:24.6	in the future and investors here are very worried about the economic impact of the coronavirus.
0:31.6	Hey, it's Jim Taggersley in the Washington Bureau of the New York Times.
0:42.7	So it's been a crazy week for global markets.
0:45.3	Investors are watching the news on the coronavirus and trying to get a handle on just how much
0:49.3	it's going to hurt the US economy.
0:51.4	Good morning everybody, we're coming on the air with breaking news.
0:54.2	This is the New York Stock Exchange.
0:55.9	The trading day is just beginning on Wall Street and there are.
0:59.2	But the latest is that on Monday morning all of investor's anxieties seem to come together
1:03.4	and the world seemed to tip into this big sell-off that was a sum of all fears event.
1:08.8	That right now it looks like the Dow is down by about 6.9%.
1:12.9	This is some massive pressure.
1:14.3	If you haven't looked at the stock market open, it was a blood bath within 5 minutes, markets
1:18.1	dropped 7%, which is the worst since the 2008 financial crisis and a triggered an event
1:23.4	called a circuit breaker.
1:25.2	Trading has stopped because we've seen a drop of 7%.
	...

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