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NEW: The Dow Opens Down 1,800, S&P Falls 7%, Trading Halted

UPDATE: S&P trading has resumed after dropping 7% and triggering an automatic halt in trading.

The Dow Jones Industrial Average opened in the red 1800 points on Monday morning. The reason? Oil.

Russian rejected a proposal to cut 1.5 million barrels per day in oil production by OPEC. Russia, normally an ally of the 14-member OPEC, signaled it may not be opposed to an all-out price war with oil cartel.

This sent the oil prices spiraling, dropping as much as 25% in the early hours.

The coronavirus is not helping but does not seem to be the primary culprit of Monday’s market volatility.

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