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Germany is the latest European country to seal off its borders in an effort to contain the coronavirus outbreak, as the number of deaths in Europe jumped overnight.
As of Monday morning, Germany had shut its borders with Austria, Switzerland, France, Luxembourg, and Denmark. Only German citizens, those who reside in the country and work in a neighboring nation and vice-versa, and physical goods, can cross the German border. Though Berlin is not the first European capital to impose border restrictions, the move marked a U-turn in Chancellor Angela Merkel’s policy.
“It’s a crisis situation,” Friedrich Heinemann, head of public finance at the German-based think tank ZEW, told CNBC about the German decision. â Amaro
The major averages are open for trading once again after a 15 minute halt almost immediately after the open. The Dow Jones Industrial Average is down 11.8%, or 2,733 points. The S&P 500 is down 10%, and the Nasdaq Composite is down 11.7%. – Stevens
Stocks tanked on Monday, triggering a key market-wide “circuit breaker” designed to prevent the market from falling through the floor.
The circuit breaker has kicked in multiple times in the past few weeks as investors exited the market with the coronavirus outbreak disrupting global supply chains and fueling fears of a recession.Â The stock market has tumbled into a bear market, or down more than 20% from their recent highs.Â – Li
Stocks cratered at the open, with the major averages dropping more than 5% and leading to a 15 minute halt in trading after the circuit-breaker threshold was triggered.
According to the New York Stock Exchange, a market trading halt occurs at “three circuit breaker thresholds” on the S&P 500 due to large declines and volatility. The exchange classifies this at three levels based on the preceding session’s close in the S&P 500.
Before trading was halted, the Dow Jones Industrial Average fell 2,250 points, or 9.7%. The S&P 500 fell 8%, while the Nasdaq Composite was down 6%. – Stevens