A number of thousand brokers and others used to crowd the buying and selling flooring of the NYSE as just lately because the 1990s. However within the years since, the rise of digital buying and selling grew to dominate the motion on Wall Road. Today, there are about 500 flooring merchants on the NYSE, stated Josh King, a spokesman for Intercontinental Change.
Oil costs had one other jaw-dropping skid Wednesday, sending the value of U.S. crude oil under $21 a barrel for the primary time since 2002.
Benchmark U.S. oil misplaced $6.58, or 24.4%, to settle at $20.37 a barrel. Brent, the worldwide commonplace, dropped $2.85, or 13.4%, to shut at $24.88.
Traders are betting that demand for oil can be down sharply as factories shut and as individuals have delay holidays and enterprise journeys as a way to keep dwelling and reduce the danger of spreading the coronavirus.
These considerations of weaker oil demand have been heightened in current weeks as economists have issued forecasts predicting that the financial fallout from the viral outbreak will push the U.S. right into a recession within the second quarter.
Oil costs have additionally been harm by giant producers partaking in a worth warfare and refusing to ease again on what number of barrels of oil they produce, pushing costs decrease.