Oil prices plunge on coronavirus fears

Trading on Wall Street came to a temporary standstill on Monday morning for the first time since the 2016 U.S. presidential election. Global stocks had plunged by more than the daily limit of 5 percent alongside the worst percentage drop in oil prices since the start of the Gulf War in 1991. Stock prices continued to fall when trading resumed later in the morning.

How is COVID-19 affecting the stock market? Investors remain uncertain about how much the outbreak of the disease caused by the new coronavirus will damage the economy. The U.S. crude oil price was down more than 20 percent after Saudi Arabia, Russia, and other producers failed to agree on whether to limit production to prop up prices. Investors expect the demand for oil to drop as people cancel their travel plans and work from home to avoid getting sick.

Dig deeper: COVID-19 has more local economic effects, as well: Businesses in Austin, Texas, are sure to take a hit after the city on Friday canceled the popular South by Southwest arts and technology festival.