Global Stocks Plunge Amid Oil Crash and Coronavirus Fear Global markets are taking a hit after a failed deal between OPEC and Russia led to the worst one-day crash in crude in decades.
Saudi Arabia set off panic within oil markets by launching a price war.
The Saudis are reacting to Russia's refusal to meet OPEC's efforts to rescue the oil market after a panic caused by the coronavirus outbreak.
The S&P 500 (SPX) opened 6.9% lower.
The Dow (INDU) fell more than 1,800 points and the Nasdaq Composite (COMP) was down 7.1%.
The impact of the coronavirus has weighed heavily on investors as the number of confirmed cases continues to rise.
