The stock market NYSE is halted for trading.
Circuit breakers are triggered.
Scary as Monday’s start to U.S. stock trading was, the halt that it triggered looks to have done its job, at least for now.
The S&P 500 plunged 7% four minutes into the session, tripping a NYSE circuit breaker aimed at preventing a broader panic.
After trading resumed, the index dipped just a bit more, then quickly pared losses to trade about 5.5% lower as of mid-morning in New York.
What are Circuit Breakers?
“There’s a reason why they have those circuit breakers: it’s to give people time to come back from panicked feelings. It’s always a good idea to give people time to digest the move and apply some logic.” said Chris Zaccarelli, the chief investment officer at Independent Advisor Alliance.
The stock rout, spurred by tumbling oil prices and growing fear of th economic impact of the coronavirus, put the vitality of the longest-eve bull market in jeopardy.
The index is now down about 17% from a record reached in mid-February.
“Certainly that 15-minute pause seemed to create a little bit of stability. That’s exactly why we have it in place, to ensure that moves are orderly.” said Rob Romano, head of Americas portfolio advice at UBS Global Wealth Management.
Volatility due to Coronvirus outbreak
Volatility has reigned in markets around the world amid an outbreak that has infected more than 108,000 people.
At least 10 billion shares have traded on U.S. exchanges each day for two weeks, and the VIX – dubbed Wall Street’s “fear gauge” – has closed above 30 for seven days straight.
Futures had plunged 4.89% overnight Sunday, triggering exchange rules tha limit losses on those contracts and distorting price discovery for the cash market before the opening.
Crude oil fell as much as 34% to $27.34 a barrel, the worst day since the Gulf War in 1991, after Saudi Arabia initiated an all-out price war.
Another 15-minute pause would happen if stocks reverse course and losses reach 13%, a drop that would put the S&P 500 at 2,585.96. If the decline hits 20%, or 2,377.9, markets will close for the day. Only the 20% rule applies in the final 35 minutes of cash trading.
Traders have never seen a 13% or 20% breaker trip.
Today’s stoppage likely interrupted computer-driven trades based on algorithms, potentially preventing much bigger losses.
That doesn’t mean the market cannot go back down and make a lower-low at some point, but the circuit breaker worked as it was intended to this morning.
The DOW dropped 1,800 points on open. It’s apocalyptic. But wait! There’s more! It’s only Monday early morning. More economic collapse news on Strange Sounds and Steve Quayle. [Yahoo via Bloomberg]
I predicted stock market will go 2000 down it went indeed, I did re predicted today March 10 2020 will be close 1000 under. Wait tomorrow or 2 days , this is called when you drop a cat from 6 story building down still jumps after landing. Dead cat is walking ?
Iranian new year is without shoppers and economic of Iran is going to be lost and people will riot in IRAN soon. Khamanie is in under bunkers with foods and medicine how ever if people of Iran finish this regime within a COUP or people Iran either way this terrorist regime is not going to stay unless start world war 3 with North Korea rogue nations to stay longer?I ask people of Iran stop licking the shrines of bunch of terrorist imams ?
For tomorrow stock market will be seen up to 1000 dollar easy under. So far Nikki is down 3 percent so far?
Iranian new year is without shoppers and economic of Iran is going to be lost and people will riot in IRAN soon. Khamanie is in
under bunkers with foods and medicine how ever if people of Iran finish this regime within a COUP or people Iran either way this terrorist regime is not going to stay unless start world war 3 with North Korea rogue nations to stay longer?
For tomorrow stock market will be seen up to 1000 dollar easy under.
So far Nikki is down 3 percent so far?
Global Martial Law is shaping, Italia is now full Martial Law. Schools and universities are closed.
This video of Martial Law and Tanks and troops in Italy.
https://www.youtube.com/watch?v=F9WyFeg-oSM
Reporters Without Borders: Iran conceals coronavirus figures
In a statement on Wednesday, the Reporters Without Borders Organization condemned Iran’s regime for concealing information about the coronavirus outtbreak and the real number of the dead and the infected patients.
The Statement is as follows:
According to Iranian official reports today, the coronavirus epidemic has killed 15 people and infected a total of 95 in the Islamic Republic, which seems to be concealing information about the epidemic in line with China’s example. Reporters Without Borders (RSF) condemns Iran’s persecution of media outlets and journalists publishing independent information.
The presence of the coronavirus known as Covid-19 in Iran was suddenly revealed when pro-government media reported on 20 February that two Iranians had died in the holy city of Qom after testing positive for the virus. Since then, the authorities insist they have the situation under control but they have refused to publish exact figures for deaths and infections and have obstructed journalists trying to cover the story.
Qom parliamentary representative Ahmad Amir Abadi Farahani drew attention to an example of the government’s disinformation in a statement to the press the next day. “The epidemic began three weeks ago but the health ministry delayed announcing it,” he claimed. “In two weeks, 50 people have been killed by the virus in Qom.” The initial source of the outbreak is said to have been a Koranic school in the city that receives Muslim religious students from China…
Health ministry director-general Iraj Harirchi immediately denied Frahani’s claim and, using the term employed two days earlier by Supreme Leader Ali Khamenei, condemned a “propaganda war.” The next day, both Frahani and Harirchi were told that they were infected with the virus. In response to the online protests, the head of the FTA cyber-police force, Vahid Majid, announced that around 30 people have been arrested in various provinces and charged with “spreading false news online about the spread of the virus.”
“For the past year, the Islamic Republic has been concealing information about crises and catastrophes, about flooding, mass protests and the downing of the Ukrainian passenger jet,” said Reza Moini, the head of RSF’s Iran desk. “Respect for the public’s right to full, independent, diverse and quality news reporting, as enshrined in the Universal Declaration of Human Rights, is the best way to protect the population and combat rumors. Withholding information can kill.”
Only SEOUL is true numbers.
BREAKING NEWS: Florida Republican Matt Gaetz goes into quarantine AFTER flying on Air Force One with Donald Trump and mocking coronavirus victims by wearing a gas mask to Congress
Congressman Matt Gaetz announced he came into contact with individual at C-PAC who had the coronavirus and is voluntarily self-quarantining
Gaetz flew back from Florida on Monday with President Trump on Air Force One
‘While the Congressman is not experiencing symptoms … he’ll remain self-quarantined until the 14-day period expires this week,’ his office said
Gaetz spent Saturday night at Mar-a-Lago where President Trump, Kimberly Guilfoyle, Donald Trump Jr., Eric Trump, Lara Trump, Ivanka Trump, Jared Kushner, Tiffany Trump, and Rudy Giuliani were spotted
Gaetz wore the mask Wednesday during the vote on an emergency spending bill
Just two days later and health officials announced the death of a man in Santa Rosa County, which falls under Gaetz’s northwestern Florida district
‘I’m extremely saddened to learn of the first fatality in our district’, Gaetz said
Rep. Bobby L. Rush had said Gaetz was ‘making light of an epidemic’
‘It just shows extraordinary insensitivity to people who have lost loved ones and who are now scared’, Democrat Sean Patrick Maloney said
Trump signed the spending bill to allocate $8.3 billion to tackle the crisis Friday
i did predict stock market will go down 2000 in my predictions.Also 5.8 Peoria CA which was 6.0