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US Market Plunges Nearly 13% on Coronavirus Panic

Written: 2020-03-17 08:12:49Updated: 2020-03-17 09:05:30

US Market Plunges Nearly 13% on Coronavirus Panic

Photo : YONHAP News

Amid the rapid spread of the novel coronavirus, the U.S. stock market plunged nearly 13 percent on Monday despite the Federal Reserve's surprise move to slash its key interest rate by a full percentage point. 

The Dow Jones Industrial Average closed two-thousand-997-point-10 points lower, or 12-point-93 percent, at 20-thousand-188-point-52. The plunge came after the index fell about ten percent on Friday. 

The S&P 500 and Nasdaq also fell by about 12 percent on Monday.

Trading was suspended for 15 minutes soon after opening as the S&P 500 index dropped more than seven percent from its previous close. The so-called circuit breaker was activated for the third time in a week.

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