Wall Street tumbled on Monday and recession fears loomed large as plummeting oil prices and ongoing coronavirus worries sparked a panic-driven sell-off, sending investors fleeing risk for safety on the anniversary of the U.S. stock market's longest-ever bull run.
All three major U.S. stock averages opened sharply lower in a plunge so steep it triggered a trading halt due to safeguards put in place to avoid a repeat of 1987's "Black Monday" crash. The Dow dropped a record 2,000 out of the starting gate.
S&P 500 was on track for its largest one-day percentage drop since December 2008, the height of the financial crisis.
The index is now about 18% below its all-time high set on Feb. 19. A bear market is confirmed when stocks reach 20% below the record peak.