US markets: Trading resumes after 15 min halt; S&P drops 10%, Dow Jones sheds 2,700 pts
Trading has been halted for 15 minutes as benchmark indices hit the lower circuit.
March 16, 2020 / 07:23 PM IST
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.More to follow.