section_path: Financial crisis/Black Monday I (9 March)/Crash
section_name: Crash
paragraph_text: Crash
  
  Prior to opening, the Dow Jones Industrial Average futures market experienced a 1,300-point drop based on the pandemic and fall in the oil price described above, triggering a trading curb, or circuit breaker, that caused the futures market to suspend trading for 15 minutes. This predicted 1,300-point drop on 9 March would be among the most points the Dow Jones Industrial Average has dropped in a single day. When the market opened on 9 March, the Dow Jones Industrial Average plummeted 1800 points on opening, 500 points lower than the prediction.
  
  The United States' Dow Jones Industrial Average lost more than 2000 points, described by The News International as "the biggest ever fall in intraday trading". The Dow Jones Industrial Average hit a number of trading "circuit breakers" to curb panicked selling. Oil firms Chevron and ExxonMobil fell about 15%. The Nasdaq Composite, also in the United States, lost over 620 points. The S&P 500 fell by 7.6%. Oil prices fell 22%, and the yields on 10-year and 30-year U.S. Treasury securities fell below 0.40% and 1.02% respectively. Canada's S&P/TSX Composite Index finished the day off by more than 10%. Brazil's IBOVESPA gave up 12%, erasing over 15 months of gains for the index. Australia's ASX 200 lost 7.3%—its biggest daily drop since 2008, though it rebounded later in the day. London's FTSE 100 lost 7.7%, suffering its worst drop since the 2008 financial crisis. BP and Shell Oil experienced intraday price drops of nearly 20% The FTSE MIB, CAC 40, and DAX tanked as well, with Italy affected the most as the COVID-19 pandemic in the country continues. They fell 11.2%, 8.4%, and 7.9% respectively. The STOXX Europe 600 fell to more than 20% below its peak earlier in the year. In a number of Asian markets—Japan, Singapore, the Philippines and Indonesia—shares declined over 20% from their most recent peaks, entering bear market territory. In Japan, the Nikkei 225 plummeted 5.1%. In Singapore, the Straits Times Index fell 6.03%. In China, the CSI 300 Index lost 3%. In Hong Kong, the Hang Seng index sank 4.2%. In Pakistan, the PSX saw the largest ever intra-day plunge in the country's history, losing 2,302 points or 6.0%. The market closed with the KSE 100 Index down 3.1%. In India, the BSE SENSEX closed 1,942 points lower at 35,635 while the NSE Nifty 50 was down by 538 points to 10,451.
  
  The Washington Post posited that pandemic-related turmoil could spark a collapse of the corporate debt bubble, sparking and worsening a recession. The Central Bank of Russia announced that it would suspend foreign exchange market purchases in domestic markets for 30 days, while the Central Bank of Brazil auctioned an additional $3.465 billion the foreign exchange market in two separate transactions and the Bank of Mexico increased its foreign exchange auctions program from $20 billion to $30 billion. After announcing a $120 billion fiscal stimulus programs on 2 December, Japanese Prime Minister Shinzo Abe announced additional government spending, while Indonesian Finance Minister Sri Mulyani announced additional stimulus as well.