S&P 500 index drops 7 percent, triggering a 15-minute trading halt

Stocks plunged 7% on Wall Street Monday, triggering a trading halt for 15 minutes.

The steep drop followed similar falls 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 by more than 7%.

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, Russia and other producers failed to agree on cutting output.

Bond yields sank to new lows.