Shares in Asia have fallen, with Japan's benchmark failing to hold onto early gains after the latest selloff on Wall Street.
A trader holds his hand to his head after trading was halted at the New York Stock Exchange, Wednesday, March 18, 2020, in New York.
Japan’s Nikkei 225 index gave up 0.7% to 16,5602.26, while in South Korea, the Kospi sank 6.5% to 1,487.85. Hong Kong’s Hang Seng index slipped 4% to 21,397.56 and the Shanghai Composite index shed 1.9% to 2,676.79.The losses followed a more than 1,300 point, or 6.3%, decline Wednesday in the Dow Jones Industrial Average, which has now lost nearly all of its gains since President Trump’s inauguration. The Dow closed at 19,898.92.
The price of oil fell 24% on Wednesday, dropping below $21 per barrel for the first time since 2002. By early Thursday, they had recovered some losses, with U.S. crude up 7.4% at $21.88 per barrel.Markets have been incredibly volatile for weeks as Wall Street and the White House acknowledge the rising likelihood that the outbreak will cause a recession. The typical day this month has seen the U.S. stock market swing up or down by 4.9%. Over the last decade, it was just 0.4%.
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