On Monday, the 9th of March 2020, Wall St. had witnessed its steepest intra-session plunge since the era of great financial depression of 2008, as lingering worries of a near-term recession had been looming large amid a flumped crude oil prices alongside a panicked market which had been on its toes since the global spread of coronavirus outbreak.
All three key indices of Wall St. opened the market sharply lower, as trades were kept in halt shortly after the opening bell in the wake of a havoc-scale sell-off pressure in the S&P 500, while Dow had opened the day a record 2000 point lower.
Besides, during one point of the session, the Dow came just 0.1 per cent short of 20% of its recent peak or a bearish market, while S&P 500 wrapped up the day 19 per cent lower than its record closing high reached on February 19th.
Meanwhile, referring to a higher probability of a recession in a near-term outlook, a chief market economist at Spartan Capital Securities in New York, Peter Cardillo said on Monday (March 9th), “There’s a lot of fear in the market and if the price of oil continues to move lower it’s an indication that a global recession is not far away.
” Citing statistics, on Monday’s (March 9th) market wind down, Dow poured away 7.79 per cent to 23,851.02, S&P 500 shed 7.60 per cent to 2,745.56, while Nasdaq was whiplashed 7.29 per cent to round off Monday’s (March 9th) Wall St. at 7.959.68.