What name was given to the worldwide stock-market plunge on 9 March 2020 after an oil-price dispute?
Answer
Black Monday 2020
The worldwide stock-market plunge on 9 March 2020 after an oil-price dispute was called Black Monday 2020.
The fall came as financial markets reacted to the rapidly spreading COVID-19 pandemic and a breakdown in negotiations between OPEC and Russia. Saudi Arabia then announced large production increases, prompting oil prices to plunge. Equity markets were already nervous about the economic effects of travel restrictions, business closures and supply-chain disruption.
The U.S. stock market triggered circuit breakers when the S&P 500 fell sharply at the opening. These automatic pauses are designed to give investors time to assess information and reduce disorderly trading. Other major markets also recorded substantial losses.
Black Monday was one of several violent sessions in March 2020 rather than the entire pandemic market crash. The Dow Jones Industrial Average later suffered additional major falls, while unprecedented fiscal and monetary support helped markets recover from their March lows.