Stocks remain down after large drop in prices Monday

Monday marked one of the worst days for investors since the 2008 stock market crash as stocks fell just minutes after markets opened.

Posted: Mar 10, 2020 6:13 PM

WEST LAFAYETTE, Ind. (WLFI) - Monday marked one of the worst days for investors since the 2008 stock market crash as stocks fell just minutes after markets opened.

The New York Stock Exchange was even halted for the first time in more than a decade.

According to Purdue Professor of Finance John McConnell, stocks are down around 20% over the last few weeks.

"That represents billions of dollars of losses to US investors," said McConnell. 

McConnell said such halts only happen in certain cases.
"The rate of decline is so extraordinary that the exchange officials conclude that it's appropriate to take a breather," said McConnell.

According to McConnell, the global decline in oil prices have played a role in driving down stocks.
"That stems from an oil price war between Saudi Arabia and Russia," said McConnell.

He added that this isn't the only reason stocks have crashed.

"The coronavirus is having a significant global effect on corporate profits, production and employment," said McConnell.

McConnell said investors should wait to see how the market changes over the next few days.

"We hope for the best and hope that the virus is contained and controlled and eliminated," said McConnell.

Wall Street has shown some improvements since opening Tuesday morning, but markets remain down as a whole.

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