Market regulators and exchange executives denied the possibility of temporarily shutting down North American markets on Monday as U.S. stocks underwent a historic sell-off.
The Dow Jones Industrial average lost more than 12 per cent and closed down 2,997 points — a record drop — and has now lost 31 per cent since reaching its 52-week high in February. The S&P wiped out its gain in 2019 and is now down almost 30 per cent from its all-time high. It was the biggest rout on Wall Street since 1987. The S&P/TSX Composite Index, meanwhile, lost more than 1,355 points or nine per cent.
Circuit breakers were triggered immediately on Monday as both the S&P 500 and the S&P/TSX Composite Index opened more than seven per cent down on Monday. When trading resumed, both nearly tripped a second circuit breaker as their losses approached the 13 per cent mark.