US Stock Market Drops 7%... Attempts to Narrow Decline After Trading Resumes (Comprehensive)

On the 9th, when the New York stock market, which opened, recorded a drop of over 7% and trading was halted, a stockbroker covered his face with his hands in embarrassment.
[Image source=AP Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The U.S. New York stock market plunged immediately after opening on the 9th (local time), triggering a 15-minute trading halt, but it is attempting to reduce the decline after trading resumed.

On that day, right after the market opened at 9:30 a.m. in New York, the Dow Jones Industrial Average and the S&P 500 index fell more than 7%, activating a circuit breaker that temporarily suspended trading for 15 minutes starting at 9:35 a.m.

As of 9:57 a.m., after trading resumed, the Dow, S&P 500, and Nasdaq indices reduced their losses to the 5-6% range, but selling pressure still dominated.

The sharp market drop on that day is interpreted as a result of rapidly weakened investor sentiment amid extreme market volatility, including a more than 30% intraday plunge in oil prices due to the failure of an oil production cut agreement and the U.S. 10-year Treasury yield entering the 0.3% range.

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