The Dow Jones Industrial Average sank 7.8% Monday, its steepest drop since the financial crisis of 2008, as a free-fall in oil prices and worsening fears of fallout from the spreading coronavirus outbreak seize markets.

The sharp drops triggered the first automatic halts in trading in two decades. The price of oil plunged 24.6% after Saudi Arabia indicated it would ramp up production and Russia refused to cut production in response to falling demand. Europe fell into a bear market.

U.S. stocks are now down 18.9% from the peak they reached last month. Bond yields plumbed new lows as investors sought safety.

On Monday:

The S&P 500 index fell 225.81 points, or 7.6%, to 2,746.56.

The Dow Jones Industrial Average fell 2,013.76 points, or 7.8%, to 23,851.02.

The Nasdaq lost 624.94 points, or 7.3%, to 7,950.68.

The Russell 2000 index of smaller company stocks fell 135.79 points, or 9.4%, to 1,313.43.

For the year:

The S&P 500 is down 484.22 points, or 15%.

The Dow is down 4,687.42 points, or 16.4%.

The Nasdaq is down 1,021.93 points, or 11.4%.

The Russell 2000 is down 355.04 points, or 21.3%.