Trading has been halted for 15 minutes as benchmark indices hit the lower circuit.
The US markets on March 16 cracked at open, with the Dow Jones Industrial Average down 2,250.46 points or 9.71 percent at 20,935.16 while the S&P 500 was at 2,490.47, down 220.55 points or 8.14 percent. The Nasdaq Composite slid 6.1 percent at open.
The S&P 500 dropped 8 percent, triggering a circuit breaker trading halt of 15 minutes across all indices. The market reopens at 9:46 a.m. ET.
The US Federal Reserve earlier today slashed interest rates by 150 basis points to bring it down to virtually zero, while also providing a $700 billion quantitative easing programme. The announcement by the US central bank came after another emergency rate cut was issued by them earlier this month.
The current guidelines mandate a 15-minute pause in trading on all US stock exchanges if the S&P 500 index falls more than 7 percent before 3.25 pm New York time. Trading also halts on both the Dow and the Nasdaq when a circuit-breaker is triggered on the S&P 500.
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