Dow closes with 7.8% drop, largest since 2008 on oil slump and coronavirus fears

Stocks are cratering as markets close on Monday, with the Dow down close to 7 percent in the largest single-day drop in NYSE history and the S&P and Nasdaq not far behind. Coronavirus and a drop in oil prices are to blame.

The Dow was down 7.8 percent at the close of trading on Monday, with the S&P and Nasdaq
not far behind at -7.61 percent and -7.29 percent, respectively. Plunging oil prices - the commodity lost 30 percent of its value overnight - and coronavirus-related panic took a big bite out of stock values, leading to one of the worst trading days since the 2008 crisis.

The US wasn’t alone in having its bottom drop out - markets around the world were feeling the sting, from Greece - hit the worst with a 13 percent drop - to China, which got off comparatively easy at -3 percent. However, China has been feeling the effects of the coronavirus panic
for longer than anyone.

The epidemic, which has hit most of the world’s economic hotspots, has depressed demand for oil, leading to the price drop that triggered the day’s panic-selling - a vicious cycle that doesn't seem likely to stop anytime soon.

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