Wall St halted as S&P hits down limit

Trading on US stock exchanges has been halted immediately after opening as the S&P 500 fell seven per cent, triggering an automatic 15 minute cutout that was put in place after the 2008-9 financial crisis.

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 seven per cent.

The benchmark for Italy, where the industrial and financial heartland was put in lockdown, fell 11 per cent.

Oil prices are down about 20 per cent, deepening a rout that began when Saudi Arabia, Russia and other producers failed to agree on cutting output.

Bond yields sank to new lows.