A new oil price war sparked by the coronavirus sent shock waves through financial markets, with the Dow Jones industrial average cratering more than 2,000 points, or roughly 7.8 percent. Stocks tumbled around the world as more countries implemented measures to contain the outbreak and the United States’ tally of known infections passed 500. (Click to Source)
Here are the latest developments:
- Global markets tanked after Saudi Arabia said it would increase oil production and cut prices.
- European leaders called for emergency stimulus measures to limit the economic shock from coronavirus-related lockdowns and quarantines.
- Germany reported its first two coronavirus deaths as governments around the world intensified efforts to control the virus.
- Virginia announced its third case. Patients are now being treated in more than 30 states and the District of Columbia.
- Prison riots have broken out across Italy, in one of the first visible signs of social turmoil linked to the coronavirus outbreak.