Stocks lose 8% on Wall Street as more businesses shut doors
NEW YORK (AP) — Stocks lost 8% in morning trading on Wall Street Monday as huge swaths of the economy come closer to shutting down due to the coronavirus outbreak.
Markets around the world are down by similar percentages despite emergency actions taken by the Federal Reserve late Sunday to prop up the economy and get financial markets running smoothly again.
The Fed on Sunday cut its key interest rate to near zero.
The Bank of Japan also announced more stimulus Monday. The price of crude oil dropped more than 6%.
Bond prices soared as investors sought safety.