 | | | | Fears about the rapidly spreading coronavirus and its impact on the global economy, which deepened on Monday with the collapse of oil prices, have evaporated over $5 trillion of the S&P 500's market value in recent weeks. | | | | | | Wall Street suffered its biggest one-day loss since the 2008 financial crisis on Monday and recession worries loomed large as tumbling oil prices and ongoing coronavirus fears prompted investor panic on the anniversary of the U.S. stock market's longest-ever bull run. | | | | | | U.S. President Donald Trump blamed a fight for oil market share between Saudi Arabia and Russia, as well as unspecified "Fake News," for a precipitous drop in U.S. stock prices on Monday, amid sliding demand for crude due to the coronavirus. | | | | | | Crude prices suffered their biggest daily rout since the 1991 Gulf War on Monday as top producers Saudi Arabia and Russia began a price war that threatens to overwhelm global oil markets with supply. | | | | | | Global stock markets plunged on Monday and oil prices tumbled by as much as a third after Saudi Arabia launched a price war with Russia, sending investors already spooked by the coronavirus outbreak fleeing for the safety of bonds and the Japanese yen. | | | | | | JPMorgan Chase & Co could eliminate up to 140 jobs in Switzerland in an effort to cut costs, a person familiar with the matter told Reuters on Monday, confirming a report by the Swiss financial news website Finews. | | | | | | Here's what you need to know about the coronavirus: | | | | | | The words "bear market" and "recession" are being used with increasing frequency as investors try to assess how badly the coronavirus outbreak will damage global growth and to what extent it could further weigh on asset prices. | | | | | | Airlines across the globe have suspended flights or modified services in response to the coronavirus outbreak. | | | | | | China's business and travel activities are steadily recovering after being disrupted by the coronavirus outbreak, but rapidly rising infections globally will pose a challenge to the country's broader economic resumption. | | | | | | Amazon.com Inc has extended its work-from-home advisory to include employees in New York and New Jersey, the company said Monday, as the world's largest online retailer and other corporations aim to lower the risk of coronavirus transmission among their ranks. | | | | | |
