Stocks sink 7% on Wall Street, causing trading halt, on recession fears

National Coronavirus Coverage

Trader Peter Tuchman works on the floor of the New York Stock Exchange Monday, March 16, 2020. (AP Photo/Craig Ruttle)

NEW YORK (AP) – Stocks fell 7% on Wall Street and triggered another temporary halt to trading as fears spread that the coronavirus is causing a global recession.

The Dow Jones has lost all its gains since President Donald Trump’s inauguration.

The price of crude oil dropped more than 15% as traders anticipate a sharp pullback in demand for energy.

Even prices for longer-term U.S. Treasuries, which are seen as some of the safest possible investments, fell as investors sold what they could to raise cash.

The sharp market swings came despite promises from Trump to prop up the U.S. economy with a package that could reach $1 trillion.

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