© TIMOTHY A. CLARY Meric Greenbaum looks up at the board before the opening bell right before trading halted on the New York Stock Exchange.

As the outbreak of the novel coronavirus spreads globally, stock markets around the world have been reacting with volatility. The Globe is providing live updates on the financial markets Monday as investors brace for a rocky day.

The Dow closed down about 2,000 points, or nearly 8 percent, on Monday.

A stock market plunge of more than 7 percent shortly after trading began Monday triggered a “circuit breaker” which paused trading on the NYSE for 15 minutes.

A fight among major crude oil-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak.

The benchmark US crude price was down over 20 percent, the biggest daily drop since the Gulf war in 1991.

Monday, March 9, 4:00 p.m.

Dow closes down more than 2,000 points

(AP) — The Dow Jones Industrial Average sank 7.8%, its steepest drop since the financial crisis of 2008, as a free-fall in oil prices and worsening fears of fallout from the spreading coronavirus outbreak seize markets. The sharp drops triggered the first automatic halts in trading in two decades. The price of oil plunged nearly 25% after Saudi Arabia indicated it would ramp up production after Russia refused to production cutbacks in response to falling demand. Europe fell into a bear market. U.S. stocks are now down 19% from the peak they reached last month. Bond yields plumbed new lows as investors sought safety.

Monday, March 9, 2:54 p.m.

Ask your questions about how the markets are affected by coronavirus

It’s been a wild and unsettling day on Wall Street for stocks and other investments as the markets react to the coronavirus outbreak. Do you have questions about what’s happening? We want to hear from you. Send us your questions about the current state of financial markets.

Monday, March 9, 1:15 p.m.

‘They want certainty,’ Pelosi discusses stock markets at Northeastern event

By Stephanie Ebbert

House Speaker Nancy Pelosi appeared at a “Women Who Empower” talk at Northeastern University on Monday, criticizing the White House administration’s response to the coronavirus outbreak as the Dow plummeted.

“What we know about the Dow is they want certainty. They want to have confidence that there is a plan and I think that what is happening there is a reflection of the lack of confidence," Pelosi said. “We would hope that what is coming out of the White House would be more consistent with what the health advisers are putting forth. And we’re very proud that we were able to pass last week in a strong bipartisan way an $8.3 billion legislation to help address this challenge.”

Monday, March 9, 1:07 p.m.

European stocks plunge into bear market

ROME (AP) — European financial markets have fallen into a bear market, closing the day with their heaviest losses since the darkest days of the 2008 global financial crisis.

The index in Italy, where the government shut down travel into and out of the country’s financial and industrial heartland, fell a massive 11.2 percent.

Britain’s FTSE 100 shed 7.3 percent, Germany’s DAX 7.9 percent and the CAC 40 in France dropped 8.4 percent.

The regional Stoxx 600 index fell 7.4 percent, more than 20 percent lower than its most recent peak and putting it in a bear market.

The drop comes amid widespread concerns about the mounting economic costs of containing the new coronavirus. A dramatic dive in the price of oil, which lost 20 percent overnight, has further shaken investors.

Monday, March 9, 11:22 a.m.

What does the price of crude oil have to do with the coronavirus crisis? A lot.

By Larry Edelman

The spread of Covid-19, the illness caused by the novel coronavirus, has slowed economic activity in China, by far the largest importer of petroleum in the world, and sharply reduced global travel. That has lowered demand, and when demand for oil falls, so does the price.

US and Brent crude prices have tumbled by half this year amid growing fears that the coronavirus epidemic will trigger recessions not only in China, but throughout Asia, Europe, and the United States. That would further erode demand.

Oil’s collapse on Monday followed the failure on Friday of OPEC and Russia to agree to production cuts aimed at offsetting cooling demand. The Saudis, intent on protecting their share of the world market, dropped their official asking price and said they would boost supply. Russia and other suppliers will have no choice but to accept lower prices, too, and increase supply if they want to protect their share of the market.

In the past, oil shocks have typically pushed prices higher, in turn choking off economic growth and sending stock prices lower. Think of the OPEC oil embargo of 1973, the Iranian revolution in 1979, and Iraq’s invasion of Kuwait in 1990.

Lower oil prices are typically good news, but a drop this dramatic — West Texas crude is down nearly 19 percent on Monday — will hurt the economies of countries dependent on oil revenues if it persists. The United States has a diversified economy, but energy production remains a key source of jobs.

A US recession caused by falling oil prices would be an unusual turn of events.

Monday, March 9, 11:04 a.m.

Trump blames oil dispute, 'Fake News’ as reason for markets dropping

By Christina Prignano

President Trump, as he traveled to a pair of fund-raisers in Florida on Monday, reacted to the market news by trying to downplay the severity of the outbreak, comparing it to the flu and arguing that it was oil prices and the news media that were responsible for the sharp drop in financial markets globally.

So last year 37,000 Americans died from the common Flu. It averages between 27,000 and 70,000 per year. Nothing is shut down, life & the economy go on. At this moment there are 546 confirmed cases of CoronaVirus, with 22 deaths. Think about that! — Donald J. Trump (@realDonaldTrump) March 9, 2020

Saudi Arabia and Russia are arguing over the price and flow of oil. That, and the Fake News, is the reason for the market drop! — Donald J. Trump (@realDonaldTrump) March 9, 2020

The impact of coronavirus has slowed the global economy, reducing the demand for oil and contributing to a drop in prices. A dispute between Saudi Arabia and Russia added to the collapse over the weekend.

Monday, March 9, 10:18 a.m.

Biggest stock market drops in history

By Larry Edelman

The Dow Jones industrial average fell more than 6 percent at the 9:30 a.m. open. Here are the worst days for the Dow based on the percentage loss. The list is dominated by the crashes of 1929 and 1987, further losses during the Great Depression, and the financial crisis of 2008.

1. Oct 19, 1987 - 22.6 percent

2. Oct. 28, 1929 - 12.8 percent

3. Oct. 29, 1929 - 11.7 percent

4. Nov. 6, 1929 - 9.9 percent

5. Dec. 18, 1899 - 8.7 percent

6. Aug. 12, 1932 - 8.4 percent

7. March 14, 1907 - 8.3 percent

8. Oct. 26, 1987 - 8 percent

9. Oct. 15, 2008 - 7.9 percent

10. July 21, 1933 - 7.8 percent

Source: Wikipedia

Monday, March 9, 9:56 a.m.

By Christina Prignano

Markets reopen after ‘circuit breaker’ pauses trading for 15 minutes

The stock market on Wall Street has reopened after it was paused for 15 minutes following a sharp drop of more than 7 percent minutes after trading began on Monday. The drop continued after trading resumed, with the Dow falling more than 2,000 points shortly before 10 a.m. before recovering slightly.

Monday, March 9, 9:49 a.m.

Stock market ‘circuit breaker’ hasn’t been triggered since Dec. 2008

(Bloomberg) — A 15-minute trading halt trading halt took hold after the S&P 500 Index fell 7 percent to 2,764.21 as of 9:34 a.m. in New York, triggering the breaker for the first time since December 2008 at the depths of the financial crisis. Futures had plunged 4.89 percent overnight Sunday, triggering exchange rules that limit losses on those contracts and distorting price discovery for the cash market before the opening.

When trading resumes, another 15-minute pause will happen if losses reach 13 percent, a drop that would put the S&P 500 at 2,585.96. If the decline hits 20 percent, or 2,377.9, markets will close for the day. Only the 20 percent rule applies in the final 35 minutes of cash trading. Traders have never seen a 13 percent or 20 percent breaker trip.

Monday, March 9, 9:35 a.m.

New York Stock Exchange trading paused after Dow plunges shortly after opening

NEW YORK (AP) — Stocks plunged 7 percent on Wall Street Monday, triggering a trading halt for 15 minutes. The steep drop followed similar falls in Europe after a fight among major crude-producing countries jolted investors already on edge about the widening fallout from the outbreak of the new coronavirus. Indexes in London and Frankfurt dropped by more than 7 percent. The benchmark for Italy, where the industrial and financial heartland was put in lockdown, fell 11 percent. Oil prices are down about 20 percent, deepening a rout that began when Saudi Arabia, Russia and other producers failed to agree on cutting output. Bond yields sank to new lows.

Monday, March 9, 9:00 a.m.

Global stocks, oil plunge over fight for crude production

BEIJING (AP) — Global stock markets and oil prices plunged Monday after a fight among major crude-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak.

The main stock indexes in Britain and Germany were down by almost 7 percent. Japan’s benchmark closed down 5.1 percent while Australia’s lost 7.3 percent and the Shanghai market in China was off 3 percent.

Trading in Wall Street futures was halted for this first time since the 2016 U.S. presidential election after they fell more than the daily limit of 5 percent. Bond yields hit new lows as investors bought them up as safe havens.

The benchmark U.S. crude price was down over 20 percent, the biggest daily drop since the Gulf war in 1991 to hit their lowest levels since 2016. They were down as much as 30 percent earlier, deepening a rout that began when Saudi Arabia, Russia and other major producers failed to agree on cutting output to prop up prices. A breakdown in their cooperation suggested they will ramp up output just as demand is sliding.