Dow drops 1,500 points as oil price plunge shocks markets

By STAN CHOE AP Business Writer

NEW YORK (AP) — The Dow Jones Industrial Average plummeted 1,500 points, or 6%, following similar drops in Europe after a fight among major crude-producing countries jolted investors already on edge about the widening fallout from the outbreak of the new coronavirus.

Indexes in London and Frankfurt dropped more than 8%.

The benchmark for Italy, where the industrial and financial heartland was put in lockdown, fell 11%.

Oil prices are down about 20%, deepening a rout that began when Saudi Arabia and other producers failed to agree on cutting output. Bond yields sank to new lows as investors scrambled for safety.