Coronavirus Fears Negatively Affecting Stock Market, Oil

As the panic over the coronavirus continues to grow, so does it’s effect on global markets. The New York Stock Exchange has been forced to halt trading following an 1,800 point Dow drop. Crude oil prices have also experienced their worst one-day crash in nearly 30 years after an alliance between Russia and the Organization of the Petroleum Exporting Countries imploded amid pandemic fears. In a move that’s been referred to as complete “pandemonium”, Saudi Arabia launched a price war after a failed attempt to retake the global market share on Friday. The decision to do so stemmed from efforts to save the market after the coronavirus caused a plunge in demand. Multiple other world markets have also been heavily impacted. As increased fears of the virus continue, so will the unexpected shocks to the economy.