Due to Saudi Arabia’s increase in oil price cut, trading in New York Stock Exhange got halted temporary due to down indexes plunged by 7% . Later on it got resumed and some of the losses got recovered by the stock indexes.
The main reason of this is considered to be a increasing of patient by Coronavirus which is affecting the Global economy into recession. Not only in New york, But also Asia and Europes shocks got affected by this.
Dow Jones Industrial Average fall more than 1900 point in the starting of the day which was more than its last month February peak by 19%.
How Oil Prices Affect Stock Market
Today the Dow down about 1600 points when U.S indexes rebounded while Dow and Broader S&P 500 stock index fall about 6%.
Due to unexpected Saudi Moves oil index got fall about 20%. Saudi announce that the discount in oil prices will change from $6 to $8.
This step was just reverse of what peoples where expecting. Last week OPEc and Russia were negotiating but failed to get Russia to agree with OPEC to cut the production to keep prices from falling in reaction to economic worries about the Coronavirus.
Due to Coronavirus Income from Travelers got decreased and now oil prices got increased and share market are falling day by day. All over the world, Coronavirus affecting peoples.
Many peoples are so scared that the upcoming festival Holi which is one of the main festival in India, are not going to play because they don’t want to get in contact to any other person.
In Italy, peoples have been locked in there houses. All tourists who has plan to visit or who are in Italy were cancelling their trip. The earning of peoples are getting affected. While many bussiness are getting serious loss.
In all over the world the patient who are infected from this virus are getiing increased day by day and now the number of patient reached to 1,10,000 cases. It has 7000 patient each in South Korea, Italy and Iran.