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Stocks plummet as oil price plunge sends markets into frenzy

Stocks plunged Monday morning as investors braced for a potential price war among oil exporters that could deepen the economic damage caused by the global coronavirus outbreak.

The Dow Jones Industrial Average had fallen more than 1,800 points, an 7.2-percent decline, shortly after 2 p.m. The S&P 500 index was down 7 percent, triggering an automatic 15-minute pause before and the Nasdaq composite was down 6.2 percent.

Stock futures trading predicted stark losses for the market after the Organization of Petroleum Exporting Countries failed to reach a deal on oil output Saturday, prompting Saudi Arabia and Russia to slash prices. The cuts sent oil prices plunging toward the lowest level since 1991.  Continue reading.

Data and Research Manager: