The heaviest loss in 11 years … The New York Stock Exchange recorded the worst session since 2008

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The Wall Street suffered, on Monday, its heaviest daily loss in more than 11 years, in a decline caused by the collapse of oil prices due to the price war launched by Saudi Arabia on Russia and the outbreak of the Corona virus emerging in the world.

The losses of the “Dow Jones Industrial Average” at the close of 7.79 percent, as it fell to 23,851,02 points, losing more than two thousand points.

The “Nasdaq” index, which is dominated by technology companies, its losses amounted to 7.29 percent, closing at 7,950,68 points.

In turn, the broader Standard & Poor’s 500 Index tumbled 7.60% to settle at 2.746.56 points.

According to Howard Silverblatt, an index specialist at S&P Dow Jones Indices, the Standard & Poor’s 500 Index lost a total of $ 1870 billion during Monday’s session and $ 5,300 billion since February 19, when it hit an all-time high.

Compared to the population of the United States, the loss incurred by the New York Stock Exchange on Monday is equivalent to $ 5682 per person.

And for the first time, Monday, the Dow Jones index slumped at the start of the trading session when it lost more than 7 percent by activating the 15-minute suspension mechanism.

The combined losses of the three major indices on the New York Stock Exchange were about 20 percent each since hitting an all-time high last month.

The losses came as a result of the collapse of oil prices, which fell by 25 percent, after Saudi Arabia decided to reduce oil prices significantly in the wake of its failure to reach an agreement with Russia on production.

On the other hand, the death toll from the newly created Corona virus continues to escalate, exacerbating the panic in the markets.





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