Global markets experienced the first of four U.S. trading halts during the COVID-19 crash on March 9, 2020.
The S&P 500 fell 7% shortly after trading opened that day, activating the market’s Level 1 circuit breaker and stopping trading for 15 minutes. The sell-off reflected mounting concern about the coronavirus pandemic and a simultaneous oil-price shock caused by a breakdown in cooperation between major oil producers.
Three more U.S. market-wide halts followed on March 12, March 16, and March 18. The safeguards were designed to give investors time to absorb extreme movements, rather than permanently prevent prices from changing.
March 9 is often called “Black Monday,” but the name can create confusion because it was also used for major crashes in 1929 and 1987. The 2020 episode was part of a broader market collapse that reached its low on March 23 before a strong rebound began.