Stocks nosedive on Wall Street, triggering trading halt

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FILE – This Jan. 31, 2020 file photo shows a sign for Wall Street in New York. Stocks are getting off to a weak start, Friday, Feb. 7, despite a strong jobs report. Thanks to rallies over the past few days, the market is still on pace for its best weekly gain since last June.(AP Photo/Mark Lennihan, File)

NEW YORK (AP) – Stocks dropped 8% in the first minutes of trading Monday on Wall Street and triggered another temporary halt to trading as huge swaths of the economy come closer to shutting down, from airlines to restaurants.

Emergency actions taken by the Federal Reserve late Sunday to prop up the economy and get financial markets running smoothly again may have raised fears even further, some investors said.

The Fed on Sunday cut its key interest rate to near zero.

European markets were also down about 10%.

The price of crude oil also dropped about 10%. Bond prices soared as investors sought safety.

(Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.)

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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