NEW YORK – Stocks dropped nearly 10% at the opening of trading Monday on Wall Street, triggering an automatic 15-minute halt, as huge swaths of the economy come closer to shutting down, from airlines to restaurants.
Emergency actions taken by the Federal Reserve late Sunday to prop up the economy and get financial markets running smoothly again may have raised fears even further, some investors said.
The Fed on Sunday cut its key interest rate to near zero. European markets were also down about 10%. The price of crude oil also dropped about 10%. Bond prices soared as investors sought safety.