2020 stock market crash

File:US-QE-COVID19.png periods since the 2008 financial crisis. In September 2019, a spike in the overnight repo market interest rate caused the Federal Reserve to introduce a fourth round of quantitative easing; the balance sheet would expand parabolically following the stock market crash.]]

Though the crash began on 20 February, selling was intensified during the first half of March to mid-March. During the crash, there were multiple severe daily drops in the global stock market, the largest drop was on 16 March, nicknamed 'Black Monday II' of 12–13% in most global markets. There were two other significant dates of crashes in the stock markets, one being 9 March, nicknamed 'Black Monday I', and on 12 March, nicknamed 'Black Thursday'. To deal with the panic, banks and reserves across the world cut their interest rates, bank rates and cash flow rates, as well as offering unprecedented support to investors and markets.

On Monday, 17 February 2020, Asia-Pacific stock markets closed down but European stock markets closed up,{{Cite news|last=Tan| first=Weizhen|url=https://www.cnbc.com/2020/02/18/asia-stocks-apple-revenue-forecast-hsbc-earnings-coronavirus.html|title=Asia stocks mostly tumble as Apple issues revenue warning; HSBC earnings miss expectations|date=17 February 2020|access-date=21 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200223192105/https://www.cnbc.com/2020/02/18/asia-stocks-apple-revenue-forecast-hsbc-earnings-coronavirus.html|archive-date=23 February 2020|url-status=live}}{{Cite news|last=Smith|first=Elliot|url=https://www.cnbc.com/2020/02/17/europe-markets-traders-monitor-coronavirus-and-earnings.html|title=European stocks close higher as traders monitor coronavirus|date=17 February 2020|access-date=21 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200301050431/https://www.cnbc.com/2020/02/17/europe-markets-traders-monitor-coronavirus-and-earnings.html|archive-date=1 March 2020|url-status=live}} while U.S. stock markets were closed in observance of Presidents Day.{{cite news|last=Oh|first=Sunny|url=https://www.marketwatch.com/story/heres-which-markets-are-open-on-presidents-day-2020-02-14|title=Here's which markets are open, and closed, this Presidents Day|date=17 February 2020|access-date=21 March 2020|website=MarketWatch|archive-url=https://web.archive.org/web/20200218023424/https://www.marketwatch.com/story/heres-which-markets-are-open-on-presidents-day-2020-02-14|archive-date=18 February 2020|url-status=live}} Oil prices fell,{{Cite news|last=Jaganathan|first=Jessica|url=https://www.reuters.com/article/global-oil/oil-prices-slip-as-coronavirus-concerns-linger-idUSL4N2AI0F5|title=Oil prices slip as coronavirus concerns linger|date=18 February 2020|work=Reuters|access-date=26 March 2020|archive-url=https://web.archive.org/web/20200323170628/https://www.reuters.com/article/global-oil/oil-prices-slip-as-coronavirus-concerns-linger-idUSL4N2AI0F5|archive-date=23 March 2020|url-status=live}} while the yield on 10-year U.S. Treasury securities fell to 1.59%.{{Cite news|last=La Monica|first=Paul R.|url=https://www.cnn.com/2020/02/17/investing/bond-rates-yields-inflation-economy/index.html|title=How low can bond rates go?|date=17 February 2020|access-date=21 March 2020|website=CNN Business|publisher=CNN|archive-url=https://web.archive.org/web/20200222221007/https://www.cnn.com/2020/02/17/investing/bond-rates-yields-inflation-economy/index.html|archive-date=22 February 2020|url-status=live}} On 18 February, Asia-Pacific stock markets closed up,{{Cite news|last=Tan|first=Weizhen|url=https://www.cnbc.com/2020/02/19/asia-markets-china-return-to-production-apple-shares-oil-and-currencies.html|title=Asia markets bounce back as investors monitor China's return to production|date=18 February 2020|access-date=21 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200224201946/https://www.cnbc.com/2020/02/19/asia-markets-china-return-to-production-apple-shares-oil-and-currencies.html|archive-date=24 February 2020|url-status=live}} while European stock markets, the Dow Jones Industrial Average, NASDAQ Composite, and S&P 500 all closed down.{{Cite news|last=Smith|first=Elliot|url=https://www.cnbc.com/2020/02/18/europe-markets-apple-warns-on-coronavirus-hit-hsbc-misses-on-profits.html|title=Europe stocks close lower as Apple warns of coronavirus revenue hit|date=18 February 2020|access-date=21 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200301050423/https://www.cnbc.com/2020/02/18/europe-markets-apple-warns-on-coronavirus-hit-hsbc-misses-on-profits.html|archive-date=1 March 2020|url-status=live}}{{Cite news|last=Imbert|first=Fred|url=https://www.cnbc.com/2020/02/18/stock-market-wall-street-in-focus-after-apple-issues-revenue-warning.html|title=Dow falls for a third day, dropping 165 points after Apple's coronavirus warning|date=18 February 2020|access-date=21 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200220201612/https://www.cnbc.com/2020/02/18/stock-market-wall-street-in-focus-after-apple-issues-revenue-warning.html|archive-date=20 February 2020|url-status=live}} Oil prices rose by more than 2%,{{Cite news|last=Kearney|first=Laila|url=https://www.reuters.com/article/us-global-oil/oil-up-more-than-2-on-slowing-coronavirus-cases-u-s-move-on-venezuela-idUSKBN20D059|title=Oil up more than 2% on slowing coronavirus cases, U.S. move on Venezuela|date=18 February 2020|work=Reuters}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 1.54% and 1.99%.{{Cite news|last1=Li|first1=Yun|url=https://www.cnbc.com/2020/02/18/us-bonds-treasury-yields-in-focus-as-coronavirus-fears-persist.html|title=Treasury yields fall as coronavirus fears persist|date=18 February 2020|access-date=21 March 2020|publisher=CNBC|last2=Meredith|first2=Sam|archive-url=https://web.archive.org/web/20200221212103/https://www.cnbc.com/2020/02/18/us-bonds-treasury-yields-in-focus-as-coronavirus-fears-persist.html|archive-date=21 February 2020|url-status=live}} Singaporean Finance Minister Heng Swee Keat announced a $4.5 billion fiscal stimulus program.{{Cite news|last1=Geddie|first1=John|last2=Aravindan|first2=Aradhana|title=Singapore plans biggest budget deficit in years to meet virus threat|date=18 February 2020|work=Reuters|url=https://www.reuters.com/article/us-singapore-economy-budget/singapore-plans-biggest-budget-deficit-in-years-to-meet-virus-threat-idUSKBN20C0P2|access-date=31 March 2020}} On 19 February, Asia-Pacific and European stock markets closed mostly up,{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/02/20/asia-markets-china-lpr-australia-jobs-data-currencies-in-focus.html|title=Chinese stocks surge as the country cuts its loan prime rate|date=19 February 2020|access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200225212042/https://www.cnbc.com/2020/02/20/asia-markets-china-lpr-australia-jobs-data-currencies-in-focus.html|archive-date=25 February 2020|url-status=live}}{{Cite news|last=Smith|first=Elliot|url=https://www.cnbc.com/2020/02/19/europe-markets-new-cases-of-coronavirus-slow-eu-to-launch-ai-proposals.html|title=European stocks close higher as investors monitor coronavirus, economic data|date=19 February 2020|access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200301050416/https://www.cnbc.com/2020/02/19/europe-markets-new-cases-of-coronavirus-slow-eu-to-launch-ai-proposals.html|archive-date=1 March 2020|url-status=live}} while the Dow Jones Industrial Average finished up and the NASDAQ Composite and the S&P 500 finished at record highs.{{Cite news |last=Imbert| first=Fred| url=https://www.cnbc.com/2020/02/19/stock-market-wall-street-in-focus-amid-coronavirus-outbreak.html|title=S&P 500 and Nasdaq jump to record highs, Dow climbs more than 100 points |date=19 February 2020| access-date=14 March 2020| publisher=CNBC| archive-url=https://web.archive.org/web/20200223134320/https://www.cnbc.com/2020/02/19/stock-market-wall-street-in-focus-amid-coronavirus-outbreak.html|archive-date=23 February 2020 |url-status=live}} Oil prices rose by another 2%,{{Cite news |url=https://www.cnbc.com/2020/02/19/oil-markets-coronavirus-in-focus.html |title=Oil rises more than 2% as coronavirus fears ease|date=19 February 2020 |access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200224201924/https://www.cnbc.com/2020/02/19/oil-markets-coronavirus-in-focus.html|archive-date=24 February 2020|url-status=live}} while yields on 10-year and 30-year U.S. Treasury securities fell to 1.56% and 2.00% respectively.{{Cite news| last=Li| first=Yun| url=https://www.cnbc.com/2020/02/19/us-bonds-treasury-yields-in-focus-as-part-of-the-yield-curve-inverts.html |title=Treasury yields dip after Fed minutes highlight coronavirus risk |date=19 February 2020|access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200223220100/https://www.cnbc.com/2020/02/19/us-bonds-treasury-yields-in-focus-as-part-of-the-yield-curve-inverts.html|archive-date=23 February 2020| url-status=live}} The People's Bank of China and the Central Bank of the Republic of Turkey cut their repo rates by 10 and 50 basis points respectively,{{Cite news| last1=Erkoyun|first1=Ezgi |url=https://www.nasdaq.com/articles/turkish-central-bank-cuts-key-rate-by-50-basis-points-2020-02-19|title=Turkish central bank cuts key rate by 50 basis points| date=19 February 2020|access-date=6 March 2020|website=Nasdaq.com|publisher=Nasdaq, Inc.|last2=Kucukgocmen|first2=Ali}}{{Cite news|last=Lee|first=Yen Nee|url=https://www.cnbc.com/2020/02/20/coronavirus-chinas-pboc-cuts-benchmark-lending-rate-loan-prime-rate.html |title=China cuts benchmark lending rates amid coronavirus outbreak|date=19 February 2020 |url-status=live|archive-url=https://web.archive.org/web/20200226132549/https://www.cnbc.com/2020/02/20/coronavirus-chinas-pboc-cuts-benchmark-lending-rate-loan-prime-rate.html|archive-date=26 February 2020|publisher=CNBC}} while the Central Bank of Argentina cut its bank rate by 400 basis points.{{Cite news| url=https://www.reuters.com/article/us-argentina-rates/argentina-slashes-benchmark-interest-rate-to-40-seventh-cut-since-december-idUSKBN20D2TN| title=Argentina slashes benchmark interest rate to 40%; seventh cut since December| date=19 February 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200220113942/https://www.reuters.com/article/us-argentina-rates/argentina-slashes-benchmark-interest-rate-to-40-seventh-cut-since-december-idUSKBN20D2TN| archive-date=20 February 2020}}

On 20 February, stock markets worldwide closed mostly down,{{Cite news|last=Huang|first=Eustance |url=https://www.cnbc.com/2020/02/21/asia-markets-coronavirus-oil-currencies-in-focus.html|title=China stocks rise as Beijing says work resumption is speeding up|date=20 February 2020|access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200226223635/https://www.cnbc.com/2020/02/21/asia-markets-coronavirus-oil-currencies-in-focus.html|archive-date=26 February 2020| url-status=live}}{{Cite news| last1=Smith |first1=Elliot |url=https://www.cnbc.com/2020/02/20/european-stocks-headed-for-lower-open-despite-coronavirus-slowdown-in-china.html |title=European stocks close lower as investors monitor coronavirus and earnings; Air France KLM down 3% |date=20 February 2020|access-date=14 March 2020 |publisher=CNBC|last2=Ellyat |first2=Holly|archive-url=https://web.archive.org/web/20200302071658/https://www.cnbc.com/2020/02/20/european-stocks-headed-for-lower-open-despite-coronavirus-slowdown-in-china.html|archive-date=2 March 2020|url-status=live}}{{Cite news| last=Imbert| first=Fred| url=https://www.cnbc.com/2020/02/20/us-futures-point-to-slightly-lower-open-after-new-highs-on-wall-street.html |title=Dow falls more than 100 points after suffering a sudden midday sell-off that confused traders|date=20 February 2020|access-date=14 March 2020| publisher=CNBC |archive-url=https://web.archive.org/web/20200223220210/https://www.cnbc.com/2020/02/20/us-futures-point-to-slightly-lower-open-after-new-highs-on-wall-street.html|archive-date=23 February 2020|url-status=live}} while oil prices fell by 1% and yields on 10-year and 30-year U.S. Treasury securities fell to 1.51% and 1.96% respectively.{{Cite news|last=Verma|first=Swati| url=https://www.reuters.com/article/us-global-oil/oil-slides-1-on-renewed-fears-over-toll-from-coronavirus-idUSKBN20F06N|title=Oil slides 1% on renewed fears over toll from coronavirus |date=20 February 2020|work=Reuters |access-date=14 March 2020|archive-url=https://web.archive.org/web/20200223183829/https://www.reuters.com/article/us-global-oil/oil-slides-1-on-renewed-fears-over-toll-from-coronavirus-idUSKBN20F06N|archive-date=23 February 2020|url-status=live}}{{Cite news|last1=Li|first1=Yun|url=https://www.cnbc.com/2020/02/20/us-bonds-treasury-yields-in-focus-amid-economic-data-auctions.html|title=Treasury yields fall as coronavirus fears linger|date=20 February 2020|access-date=14 March 2020|publisher=CNBC|last2=Meredith|first2=Sam|archive-url=https://web.archive.org/web/20200224230948/https://www.cnbc.com/2020/02/20/us-bonds-treasury-yields-in-focus-amid-economic-data-auctions.html|archive-date=24 February 2020|url-status=live}} Bank Indonesia cut its overnight rate by 25 basis points,{{Cite news| last=Jamrisko |first=Michelle| url=https://www.bloomberg.com/news/articles/2020-02-25/growth-downgrades-in-southeast-asia-fuel-calls-for-more-stimulus |title=Growth Downgrades in Southeast Asia Fuel Calls for Stimulus |date=26 February 2020|url-status=live |archive-url=https://web.archive.org/web/20200227161948/https://finance.yahoo.com/news/growth-downgrades-southeast-asia-fuel-210000443.html |archive-date=27 February 2020| publisher=Bloomberg News }} while the Central Bank of Brazil announced it would cut its reserve requirement on 16 March from 31% to 25%, which is expected to release R$135 billion (or $29 billion) into the money supply.{{Cite news|last1=Versiani |first1=Isabel |url=https://www.reuters.com/article/brazil-cebank/update-1-brazil-central-bank-lowers-banks-reserve-requirements-statement-idUSL1N2AK0AC| title=UPDATE 2-Brazil central bank lowers reserve requirements to free up funds, mulls further cuts|date=20 February 2020|work=Reuters|access-date=13 March 2020 |last2=Moreira|first2=Camila}}{{Cite news|last=Ayres |first=Marcela|url=https://www.reuters.com/article/brazil-economy-liquidity/update-1-brazil-set-to-fight-coronavirus-financial-system-is-stable-guedes-idUSL1N2B610D|title=Brazil set to fight coronavirus, financial system is stable |date=13 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200313201344/https://www.reuters.com/article/brazil-economy-liquidity/update-1-brazil-set-to-fight-coronavirus-financial-system-is-stable-guedes-idUSL1N2B610D|archive-date=13 March 2020}} On 21 February, stock markets worldwide closed down on the day (with the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 closing down on the week),{{Cite news|last=Hyerczyk|first=James|url=https://finance.yahoo.com/news/asian-countries-brink-recession-virus-112633235.html|title=Some Asian Countries on Brink of Recession as Virus Spreads Outside China|date=21 February 2020|access-date=14 March 2020|publisher=Yahoo! Finance|archive-url=https://web.archive.org/web/20200320052435/https://finance.yahoo.com/news/asian-countries-brink-recession-virus-112633235.html|archive-date=20 March 2020|url-status=live}}{{Cite news|last=Smith|first=Elliot|url=https://www.cnbc.com/2020/02/21/european-stocks-set-for-muted-open-as-coronavirus-spreads.html|title=European stocks close lower as coronavirus spread curbs sentiment; Pearson down 4.5%|date=21 February 2020|access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200223225104/https://www.cnbc.com/2020/02/21/european-stocks-set-for-muted-open-as-coronavirus-spreads.html|archive-date=23 February 2020|url-status=live}}{{Cite news|last=Imbert|first=Fred|url=https://www.cnbc.com/2020/02/21/us-futures-point-to-lower-open-on-wall-street.html|title=Dow drops more than 200 points, posts losing week as coronavirus fears resurface|date=21 February 2020|access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200223214548/https://www.cnbc.com/2020/02/21/us-futures-point-to-lower-open-on-wall-street.html|archive-date=23 February 2020|url-status=live}} while oil prices fell and yields on 10-year and 30-year U.S. Treasury securities fell to 1.45% and 1.89% respectively (with the 30-year finish being an all-time low).{{Cite news|last=Hyerczyk|first=James|url=https://finance.yahoo.com/news/oil-price-fundamental-daily-forecast-133133419.html|title=Oil Price Fundamental Daily Forecast – Weaker as Bullish Traders Lose Patience Over Production Cut Delay|date=21 February 2020|access-date=14 March 2020|publisher=Yahoo! Finance|archive-url=https://web.archive.org/web/20200323172516/https://finance.yahoo.com/news/oil-price-fundamental-daily-forecast-133133419.html|archive-date=23 March 2020|url-status=live}}{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/02/21/us-bonds-treasury-yields-in-focus-as-coronavirus-concerns-grow.html|title=30-year Treasury yield drops to all-time low of 1.89% amid coronavirus fears|date=21 February 2020|access-date=14 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200302012557/https://www.cnbc.com/2020/02/21/us-bonds-treasury-yields-in-focus-as-coronavirus-concerns-grow.html|archive-date=2 March 2020|url-status=live}}

On Monday, 24 February 2020, the Dow Jones Industrial Average and FTSE 100 dropped more than 3% as the coronavirus outbreak spread worsened substantially outside China over the weekend.{{Cite news|url=https://bbc.co.uk/news/business-51612520|title=Global stock markets plunge on coronavirus fears|date=24 February 2020|work=BBC News|url-status=live|archive-url=https://web.archive.org/web/20200225014233/https://www.bbc.co.uk/news/business-51612520|archive-date=25 February 2020}} This follows benchmark indices falling sharply in continental Europe after steep declines across Asia.{{Cite web|url=https://www.barrons.com/articles/the-dow-is-down-700-points-as-the-coronavirus-spreads-in-europe-51582548023|title=The Dow Is Down 700 Points as the Coronavirus Strikes in Italy|website=Barrons|url-status=live|archive-url=https://web.archive.org/web/20200224141414/https://www.barrons.com/articles/the-dow-is-down-700-points-as-the-coronavirus-spreads-in-europe-51582548023|archive-date=24 February 2020}}{{Cite news|url=https://www.wsj.com/articles/stocks-fall-as-coronavirus-spread-accelerates-outside-china-11582533308|title=Dow Industrials Drop 1,000 Points as Coronavirus Cases Mount Outside Asia|website=The Wall Street Journal|date=24 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200224092009/https://www.wsj.com/articles/stocks-fall-as-coronavirus-spread-accelerates-outside-china-11582533308|archive-date=24 February 2020|last1=McCabe|first1=Caitlin}} The DAX, CAC 40 and IBEX 35 each fell by about 4% and the FTSE MIB fell over 5%.{{Cite web|url=https://news.yahoo.com/european-stocks-have-worst-day-in-four-years-on-coronavirus-fears-172603508.html|title=European stocks have worst day in four years on coronavirus fears|last=Heaphy|first=Edmund|date=24 February 2020|website=Yahoo Finance|access-date=15 March 2020|archive-url=https://web.archive.org/web/20200317064412/https://news.yahoo.com/european-stocks-have-worst-day-in-four-years-on-coronavirus-fears-172603508.html|archive-date=17 March 2020|url-status=live}}{{Cite web|url=https://www.marketwatch.com/story/italian-stocks-set-to-lead-sharp-decline-for-european-equities-as-coronavirus-spreads-2020-02-24|title=Italian stocks slump nearly 6% as European equities crumble on spreading coronavirus|last1=Kollmeyer|first1=Barbara|last2=Goldstein|first2=Steve|date=24 February 2020|website=MarketWatch|access-date=15 March 2020}} There was a large fall in the price of oil and a large increase in the price of gold, to a 7-year high.{{Cite web|url=https://www.cnbc.com/2020/02/24/oil-falls-more-than-4percent-sliding-into-bear-market-territory-as-coronavirus-sparks-demand-fears.html|title=Oil slides into bear market territory, posting worst day in more than a month on coronavirus fears|last=Stevens|first=Pippa|date=24 February 2020|publisher=CNBC|access-date=15 March 2020|archive-url=https://web.archive.org/web/20200305064314/https://www.cnbc.com/2020/02/24/oil-falls-more-than-4percent-sliding-into-bear-market-territory-as-coronavirus-sparks-demand-fears.html|archive-date=5 March 2020|url-status=live}}{{Cite web|url=https://www.reuters.com/article/us-global-precious/gold-surges-to-seven-year-peak-as-pandemic-fears-spark-safe-haven-rush-idUSKCN20I2B1|title=Gold surges to seven-year peak as pandemic fears spark safe-haven rush|last=Aranya|first=Harshith|date=24 February 2020|work=Reuters|access-date=15 March 2020|archive-url=https://web.archive.org/web/20200225220750/https://www.reuters.com/article/us-global-precious/gold-surges-to-seven-year-peak-as-pandemic-fears-spark-safe-haven-rush-idUSKCN20I2B1|archive-date=25 February 2020|url-status=live}} Yields on 10-year and 30-year U.S. Treasury securities fell to 1.36% and 1.81% respectively.{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/02/24/treasury-yields-plunge-amid-escalating-global-coronavirus-fears.html|title=10-year Treasury yield falls to three-year low on coronavirus fears, 30-year rate hits record low|date=24 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200227013607/https://www.cnbc.com/2020/02/24/treasury-yields-plunge-amid-escalating-global-coronavirus-fears.html|archive-date=27 February 2020|url-status=live}} On 25 February, stock markets worldwide closed down,{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/02/26/asia-markets-coronavirus-wall-street-sell-off-us-treasurys-in-focus.html|title=Chinese stocks tumble as investors withdraw amid coronavirus fears|date=25 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200303102946/https://www.cnbc.com/2020/02/26/asia-markets-coronavirus-wall-street-sell-off-us-treasurys-in-focus.html|archive-date=3 March 2020|url-status=live}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/02/25/european-stocks-set-to-open-higher-despite-italy-virus-fears.html|title=European stocks fall amid fears over the coronavirus outbreak; Stoxx 600 down 1.8%|date=25 February 2020|access-date=15 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly|archive-url=https://web.archive.org/web/20200302030122/https://www.cnbc.com/2020/02/25/european-stocks-set-to-open-higher-despite-italy-virus-fears.html|archive-date=2 March 2020|url-status=live}}{{Cite news|last=Fitzgerald|first=Maggie|url=https://www.cnbc.com/2020/02/25/coronavirus-wipes-out-1point7-trillion-in-us-stock-market-value-in-two-days.html|title=Coronavirus wipes out $1.7 trillion in US stock market value in two days|date=25 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200304202920/https://www.cnbc.com/2020/02/25/coronavirus-wipes-out-1point7-trillion-in-us-stock-market-value-in-two-days.html|archive-date=4 March 2020|url-status=live}} while oil prices fell to their lowest level in more than a year and the yields on 10-year and 30-year U.S. Treasury securities fell to new record lows of 1.31% and 1.80% respectively.{{Cite news|last=Laila|first=Kearney|url=https://www.reuters.com/article/us-global-oil/oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads-idUSKCN20K08N|title=Oil prices drop to lowest in more than a year as coronavirus spreads|date=25 February 2020|work=Reuters|access-date=15 March 2020|archive-url=https://web.archive.org/web/20200227233013/https://www.reuters.com/article/us-global-oil/oil-prices-drop-to-lowest-in-more-than-a-year-as-coronavirus-spreads-idUSKCN20K08N |archive-date=27 February 2020|url-status=live}}{{Cite news|last=Li |first=Yun |url=https://www.cnbc.com/2020/02/25/treasury-yields-climb-from-record-lows-after-coronavirus-plunge.html|title=10-year Treasury yield drops to record low of 1.31% as coronavirus hits the global economy|date=25 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200228030302/https://www.cnbc.com/2020/02/25/treasury-yields-climb-from-record-lows-after-coronavirus-plunge.html|archive-date=28 February 2020 |url-status=live}} Indonesian Finance Minister Sri Mulyani announced a $742 million fiscal stimulus program.{{Cite news|last1=Jefriando|first1=Maikel|url=https://www.reuters.com/article/indonesia-economy/update-1-indonesia-announces-nearly-750-mln-stimulus-in-response-to-coronavirus-idUSL3N2AP2P1|title=UPDATE 1-Indonesia announces nearly $750 mln stimulus in response to coronavirus|date=25 February 2020|work=Reuters|url-status=live| archive-url=https://web.archive.org/web/20200226140908/https://www.reuters.com/article/indonesia-economy/update-1-indonesia-announces-nearly-750-mln-stimulus-in-response-to-coronavirus-idUSL3N2AP2P1 |archive-date=26 February 2020| last2=Suroyo|first2=Gayatri}}

On 26 February, stock markets worldwide finish with mixed records,{{Cite news|last1=Choudhury|first1=Saheli Roy|url=https://www.cnbc.com/2020/02/27/asia-stocks-wall-street-bank-of-korea-decision-trump-on-coronavirus.html|title=Japan shares drop beyond 2% as South Korea central bank keeps rate unchanged|date=26 February 2020|access-date=15 March 2020|publisher=CNBC|last2=Huang|first2=Eustance|archive-url=https://web.archive.org/web/20200303035905/https://www.cnbc.com/2020/02/27/asia-stocks-wall-street-bank-of-korea-decision-trump-on-coronavirus.html|archive-date=3 March 2020|url-status=live}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/02/26/european-stocks-react-to-the-coronavirus.html|title=European stocks close mixed as coronavirus spreads further|date=26 February 2020|access-date=15 March 2020|publisher=CNBC|last2=Ellyat|first2=Holly|archive-url=https://web.archive.org/web/20200303102806/https://www.cnbc.com/2020/02/26/european-stocks-react-to-the-coronavirus.html|archive-date=3 March 2020|url-status=live}}{{Cite news|last=Imbert|first=Fred|url=https://www.cnbc.com/2020/02/26/what-happened-to-the-stock-market-wednesday-coronavirus-fears-send-stocks-for-wild-ride.html|title=Here's what happened to the stock market on Wednesday|date=26 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200301051052/https://www.cnbc.com/2020/02/26/what-happened-to-the-stock-market-wednesday-coronavirus-fears-send-stocks-for-wild-ride.html|archive-date=1 March 2020|url-status=live}} while oil prices fell for the fourth session in a row while the yields on 10-year and 30-year U.S. Treasury securities fell 1.30% and 1.80% respectively.{{Cite news|last1=Saefong|first1=Myra P.|url=https://www.marketwatch.com/story/oil-slumps-to-13-month-low-on-fears-of-economic-toll-from-coronavirus-2020-02-26|title=Oil price falls a 4th session in a row, and U.S. crude hits lowest finish in over a year|date=26 February 2020|access-date=15 March 2020|website=MarketWatch|last2=Watts|first2=William|archive-url=https://web.archive.org/web/20200322205404/https://www.marketwatch.com/story/oil-slumps-to-13-month-low-on-fears-of-economic-toll-from-coronavirus-2020-02-26|archive-date=22 March 2020|url-status=live}}{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/02/26/treasury-yields-climb-from-record-lows-as-investors-monitor-coronavirus-fears.html|title=10-year Treasury yield drops to record low of 1.30% on coronavirus fears|date=26 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200228030247/https://www.cnbc.com/2020/02/26/treasury-yields-climb-from-record-lows-as-investors-monitor-coronavirus-fears.html|archive-date=28 February 2020|url-status=live}} The Bank of Korea declined to cut its overnight rate.{{Cite news|last1=Cynthia|first1=Kim|url=https://www.reuters.com/article/us-southkorea-economy-rates/south-korea-central-bank-keeps-rates-on-hold-despite-coronavirus-risks-idUSKCN20L04E|title=South Korea central bank keeps rates on hold despite coronavirus risks|date=26 February 2020|work=Reuters|access-date=15 March 2020|last2=Roh|first2=Joori|archive-url=https://web.archive.org/web/20200303093519/https://www.reuters.com/article/us-southkorea-economy-rates/south-korea-central-bank-keeps-rates-on-hold-despite-coronavirus-risks-idUSKCN20L04E|archive-date=3 March 2020|url-status=live}} On 27 February, due to mounting worries about the COVID-19 pandemic, stock markets in Asia-Pacific and Europe saw 3–5% declines,{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/02/28/asia-markets-wall-street-in-correction-coronavirus-in-focus.html|title=China's Shenzhen stocks drop almost 5% as major markets enter correction territory|date=27 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200304050226/https://www.cnbc.com/2020/02/28/asia-markets-wall-street-in-correction-coronavirus-in-focus.html|archive-date=4 March 2020|url-status=live}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/02/27/european-markets-focus-on-rapid-spread-of-coronavirus.html|title=European stocks close 3.6% lower and enter correction territory amid coronavirus fears|date=27 February 2020|access-date=15 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly|archive-url=https://web.archive.org/web/20200304050230/https://www.cnbc.com/2020/02/27/european-markets-focus-on-rapid-spread-of-coronavirus.html|archive-date=4 March 2020|url-status=live}} with the NASDAQ-100, the S&P 500, and the Dow Jones Industrial Average posting their sharpest falls since 2008 (and the Dow falling 1,191 points, its largest one-day drop since the 2008 financial crisis).{{Cite news |last=Tappe |first=Anneken |url=https://www.cnn.com/2020/02/27/investing/dow-stock-market-selloff/index.html|title=Dow falls 1,191 points – the most in history|date=27 February 2020|url-status=live |archive-url=https://web.archive.org/web/20200228000435/https://www.cnn.com/2020/02/27/investing/dow-stock-market-selloff/index.html|archive-date=28 February 2020|website=CNN Business|publisher=CNN}} Oil prices sank to their lowest level in over a year,{{Cite news|last=DiSavino|first=Scott|url=https://www.reuters.com/article/us-global-oil/oil-prices-on-track-for-biggest-weekly-decline-in-over-four-years-idUSKCN20M08L|title=Oil prices sink to lowest in over a year, biggest weekly drop since 2016|date=27 February 2020|work=Reuters|access-date=15 March 2020}} while yields on 10-year and 30-year U.S. Treasury securities fell to 1.28% and 1.77% respectively.{{Cite news|last=Franck|first=Thomas|url=https://www.cnbc.com/2020/02/27/treasury-yields-test-new-record-lows-as-coronavirus-fears-persist.html|title=10-year Treasury yield hovers near all-time low|date=27 February 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200303070954/https://www.cnbc.com/2020/02/27/treasury-yields-test-new-record-lows-as-coronavirus-fears-persist.html|archive-date=3 March 2020|url-status=live}} European Central Bank President Christine Lagarde indicated that while the European Central Bank was monitoring the outbreak, it was not yet causing a long-term impact on inflation and thus did not yet require a monetary policy response.{{Cite news|last1=Arnold|first1=Martin|url=https://www.ft.com/content/9228eefa-5975-11ea-a528-dd0f971febbc|title=Christine Lagarde says coronavirus yet to cause 'long-lasting shock'|date=27 February 2020|work=Financial Times|url-status=live|archive-url=https://web.archive.org/web/20200302192714/https://www.ft.com/content/9228eefa-5975-11ea-a528-dd0f971febbc|archive-date=2 March 2020|publisher=Nikkei, Inc.|last2=Chazan|first2=Guy}}

On 28 February, stock markets worldwide reported their largest single-week declines since the 2008 financial crisis,{{Cite news|last=Smith|first=Elliot|url=https://www.cnbc.com/2020/02/28/global-stocks-head-for-worst-week-since-financial-crisis-on-coronavirus-fears.html|title=Global stocks head for worst week since the financial crisis amid fears of a possible pandemic|date=28 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200228210138/https://www.cnbc.com/2020/02/28/global-stocks-head-for-worst-week-since-financial-crisis-on-coronavirus-fears.html|archive-date=28 February 2020|publisher=CNBC}}{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/02/27/dow-futures-fall-100-points-after-another-massive-rout-amid-coronavirus-fears.html|title=Dow falls 350 points Friday to cap the worst week for Wall Street since the financial crisis|date=27 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200228213917/https://www.cnbc.com/2020/02/27/dow-futures-fall-100-points-after-another-massive-rout-amid-coronavirus-fears.html|archive-date=28 February 2020|publisher=CNBC|last2=Huang|first2=Eustance}}{{Cite news|last=Smith|first=Elliot|url=https://www.cnbc.com/2020/02/28/europe-markets-coronavirus-hammers-global-stocks.html|title=European stocks fall 12% on the week as coronavirus grips markets|date=28 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200228210951/https://www.cnbc.com/2020/02/28/europe-markets-coronavirus-hammers-global-stocks.html|archive-date=28 February 2020|publisher=CNBC}} while oil futures saw their largest single week decline since 2009 and the yields on 10-year and 30-year U.S. Treasury securities fell to new record lows at 1.12% and 1.30% respectively.{{Cite news|last1=Saefong|first1=Myra P.|url=https://www.marketwatch.com/story/global-oil-benchmark-falls-to-2-12-year-low-as-coronavirus-sparks-demand-fears-2020-02-28|title=U.S. oil futures suffer largest weekly percentage loss in over a decade|date=28 February 2020|access-date=15 March 2020|website=MarketWatch|last2=Watts|first2=William|archive-url=https://web.archive.org/web/20200301033257/https://www.marketwatch.com/story/global-oil-benchmark-falls-to-2-12-year-low-as-coronavirus-sparks-demand-fears-2020-02-28|archive-date=1 March 2020|url-status=live}}{{Cite news|last1=Li|first1=Yun|url=https://www.cnbc.com/2020/02/28/10-year-treasury-yield-falls-to-new-record-low-amid-coronavirus-fears.html|title=10-year Treasury yield collapses to another record low below 1.12%, 2-year rate tumbles to 0.9%|date=28 February 2020|access-date=15 March 2020|publisher=CNBC|last2=Imbert|first2=Fred|archive-url=https://web.archive.org/web/20200303071133/https://www.cnbc.com/2020/02/28/10-year-treasury-yield-falls-to-new-record-low-amid-coronavirus-fears.html|archive-date=3 March 2020|url-status=live}} Outgoing Bank of England Governor Mark Carney stated that the British economy (which saw stagnation and car manufacturing declines in the 4th quarter of 2019) was being impacted by the outbreak because it relies heavily on tourism revenues and international manufacturing supply lines.{{Cite news|last=Amaro|first=Silvio|url=https://www.cnbc.com/2020/02/28/coronavirus-is-impacting-the-uk-economy-bank-of-england-mark-carney-says.html|title=Coronavirus is already impacting the UK economy, Bank of England's Carney says|date=28 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200302192712/https://www.cnbc.com/2020/02/28/coronavirus-is-impacting-the-uk-economy-bank-of-england-mark-carney-says.html|archive-date=2 March 2020|publisher=CNBC}} Federal Reserve Chair Jerome Powell stated that the outbreak was posing "evolving risks to economic activity" and that the Federal Reserve would use monetary policy to "act as appropriate to support the economy" but that "The fundamentals of the U.S. economy remain strong."{{Cite news|last=Cox|first=Jeff|url=https://www.cnbc.com/2020/02/28/feds-powell-says-coronavirus-poses-evolving-risks-pledges-to-act-as-appropriate-for-economy.html|title=Fed's Powell says coronavirus poses 'evolving risks,' pledges to 'act as appropriate' for economy|date=28 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200302192714/https://www.cnbc.com/2020/02/28/feds-powell-says-coronavirus-poses-evolving-risks-pledges-to-act-as-appropriate-for-economy.html|archive-date=2 March 2020|publisher=CNBC}} Outgoing Malaysian Prime Minister Mahathir Mohamad announced a RM20 billion fiscal stimulus package.{{Cite news|title=Mahathir unveils $6.6b economic stimulus package|date=28 February 2020|work=The Straits Times|url=https://www.straitstimes.com/asia/se-asia/mahathir-unveils-66b-economic-stimulus-package|access-date=31 March 2020}}

Ultimately, from 24 to 28 February, stock markets globally plummeted several percentage points, while on Wall Street the indices were down at least 10%.{{Cite web|url=https://www.nbcnews.com/business/markets/stocks-enter-correction-dow-plunges-500-points-coronavirus-fears-multiply-n1144116|title=Dow plunges nearly 1,200 points as coronavirus fears send markets diving| last=Bayly|first=Lucy|date=28 February 2020|publisher=NBC News|language=en| access-date=12 March 2020|archive-url=https://web.archive.org/web/20200304174136/https://www.nbcnews.com/business/markets/stocks-enter-correction-dow-plunges-500-points-coronavirus-fears-multiply-n1144116 |archive-date=4 March 2020|url-status=live}} It was the fastest correction in market history from all-time high, taking merely six days to enter into correction territory.{{Cite web|url=https://www.marketwatch.com/story/dow-sp-500-enter-correction-territory-as-stock-market-selloff-rolls-on-for-6th-straight-day-2020-02-27| title=S&P 500 tumbles from record finish to correction in just six trading days as stock-market rout accelerates|last=Watts|first=William|date=28 February 2020| website=MarketWatch |language=en-US|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200229065641/https://www.marketwatch.com/story/dow-sp-500-enter-correction-territory-as-stock-market-selloff-rolls-on-for-6th-straight-day-2020-02-27|archive-date=29 February 2020|url-status=live}} The sudden drop in late February was attributed to fears that China could produce a global economic shock, primarily due to quarantines imposed by the state to combat the COVID-19 pandemic, which at the time was classified as an epidemic.{{Cite web|url=https://www.aol.com/article/finance/2020/02/27/stocks-enter-correction-dow-plunges-by-780-points-as-coronavirus-fears-multiply/23935473/|title=Stocks enter correction, Dow plunges by 780 points, as coronavirus fears multiply|date=27 February 2020|website=AOL.com|language=en|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200304174135/https://www.aol.com/article/finance/2020/02/27/stocks-enter-correction-dow-plunges-by-780-points-as-coronavirus-fears-multiply/23935473/|archive-date=4 March 2020|url-status=live}} Within weeks, stocks fell sufficiently enough to enter bear market territory.{{Cite web|url=https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html|title=Dow plunges 10% amid coronavirus fears for its worst day since the 1987 market crash|last1=Imbert|first1=Fred|last2=Franck|first2=Thomas|date=11 March 2020|publisher=CNBC|language=en|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200312000949/https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html|archive-date=12 March 2020|url-status=live}} Concerning reports of the viruses spread in South Korea, Italy and Iran also prompted fear in investors, mounting to a mass sell-off in Asia-Pacific stock markets as well as European ones.{{Cite web|url=https://www.scmp.com/business/markets/article/3052791/asia-stocks-fall-us-benchmarks-enter-correction-territory-mounting|title=Spreading virus sets off biggest global stock market rout since 2008|last1=Magramo|first1=Kathleen|last2=Price|first2=Deb|date=28 February 2020|website=South China Morning Post|language=en|access-date=13 March 2020|last3=Ouyang|first3=Iris|archive-url=https://web.archive.org/web/20200301061502/https://www.scmp.com/business/markets/article/3052791/asia-stocks-fall-us-benchmarks-enter-correction-territory-mounting|archive-date=1 March 2020|url-status=live}}

File:March 3, 2020 FOMC Press Conference NZ73153 (49614546592).jpg Jerome Powell announces a 50 basis point cut in the federal funds rate target on 3 March 2020 in light of "evolving risks to economic activity" from the coronavirus]]

Over the preceding weekend, Bank of Japan Governor Haruhiko Kuroda stated that the Bank of Japan would "strive to stabilise markets and offer sufficient liquidity via market operations and asset purchases",{{Cite news|last=Kihara|first=Leika|url=https://www.reuters.com/article/us-health-coronavirus-japan/boj-reassurance-on-coronavirus-bolsters-speculation-of-global-policy-action-idUSKBN20P018|title=BOJ reassurance on coronavirus bolsters speculation of global policy action|date=1 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200302192711/https://www.reuters.com/article/us-health-coronavirus-japan/boj-reassurance-on-coronavirus-bolsters-speculation-of-global-policy-action-idUSKBN20P018|archive-date=2 March 2020}} and the Bank of Japan subsequently announced that it would repurchase up to ¥500 billion ($4.6 billion) worth of government bonds.{{Cite news|url=https://www.japantimes.co.jp/news/2020/03/02/business/bank-of-japan-stability-coronavirus/|title=Bank of Japan vows to do all it can to calm markets amid coronavirus|date=2 March 2020|work=The Japan Times|access-date=3 March 2020}} On Monday 2 March, European and Asia-Pacific stock markets mostly ended the previous week's consecutive daily losses,{{Cite news|url=https://www.marketwatch.com/story/asian-markets-come-charging-back-despite-growing-fallout-from-coronavirus-2020-03-01|title=Asian markets come charging back as Bank of Japan pledges support|date=2 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200302152955/https://www.marketwatch.com/story/asian-markets-come-charging-back-despite-growing-fallout-from-coronavirus-2020-03-01|archive-date=2 March 2020|website=MarketWatch}}{{Cite news|last1=Wells|first1=Peter|url=https://www.ft.com/content/a66b0770-5c24-11ea-b0ab-339c2307bcd4|title=Stocks climb on signs of global coronavirus response|date=2 March 2020|work=Financial Times|url-status=live|archive-url=https://web.archive.org/web/20200302233030/https://www.ft.com/content/a66b0770-5c24-11ea-b0ab-339c2307bcd4|archive-date=2 March 2020|publisher=Nikkei, Inc.|last2=McCormick|first2=Myles|last3=Martin|first3=Katie|last4=Lockett|first4=Hudson}} while in the United States, the S&P 500 gained 3.9%, the NASDAQ Composite gained 3.7%, and the Dow Jones Industrial Average finished 1,126 points up (or 4.4%; its largest one-day gain since 2009).{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/01/awaiting-us-stock-futures-open-at-6-pm-after-wall-streets-worst-week-since-2008.html|title=Dow roars back from coronavirus sell-off with biggest gain since 2009, surges 5.1%|date=1 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200302204547/https://www.cnbc.com/2020/03/01/awaiting-us-stock-futures-open-at-6-pm-after-wall-streets-worst-week-since-2008.html|archive-date=2 March 2020|publisher=CNBC|last2=Huang|first2=Eustance}} Oil futures saw their largest daily gain of 2020,{{Cite news|last1=Saefong|first1=Myra P.|url=https://www.marketwatch.com/story/oil-prices-rebound-sharply-as-traders-pin-hopes-on-opec-cuts-this-week-2020-03-02|title=Oil sees biggest daily gain of 2020 as traders hope for OPEC cuts this week|date=2 March 2020|access-date=15 March 2020|website=MarketWatch|last2=Kollmeyer|first2=Barbara|archive-url=https://web.archive.org/web/20200304021256/https://www.marketwatch.com/story/oil-prices-rebound-sharply-as-traders-pin-hopes-on-opec-cuts-this-week-2020-03-02|archive-date=4 March 2020|url-status=live}} while yields on 10-year and 30-year U.S. Treasury securities fell to 1.03% and 1.62% respectively.{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/03/02/treasury-yields-mixed-as-investors-monitor-coronavirus-response.html|title=10-year Treasury yield drops to another record low of 1.03% as historic fall in US rates continues|date=2 March 2020|access-date=15 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200304075706/https://www.cnbc.com/2020/03/02/treasury-yields-mixed-as-investors-monitor-coronavirus-response.html|archive-date=4 March 2020|url-status=live}}

On 3 March, the finance ministers and central bank executives of the G7 countries released a joint statement to "reaffirm our commitment to use all appropriate policy tools" to address the socioeconomic impact of the outbreak including "fiscal measures where appropriate" with the central banks continuing to "fulfill their mandates, thus supporting price stability and economic growth."{{Cite news|last=Cox|first=Jeff|url=https://www.cnbc.com/2020/03/03/g-7-coronavirus-statement.html|title=G-7 countries promise to use policy tools but offer no specific actions to combat coronavirus|date=3 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304052008/https://www.cnbc.com/2020/03/03/g-7-coronavirus-statement.html|archive-date=4 March 2020|publisher=CNBC}} On the same day, the Reserve Bank of Australia and the Central Bank of Malaysia announced overnight rate cuts of 25 basis points (which brought the Australian rate to its lowest level in history),{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/03/03/asia-markets-central-banks-rba-rate-decision-coronavirus-in-focus.html|title=Asia stocks edge higher as RBA cuts cash rate to new record low|date=2 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304050120/https://www.cnbc.com/2020/03/03/asia-markets-central-banks-rba-rate-decision-coronavirus-in-focus.html|archive-date=4 March 2020|publisher=CNBC}} Bank Indonesia announced it would cut its reserve requirement from 8 to 4 percent starting on 16 March,{{Cite news|last=Akhlas|first=Adrian Wail|url=https://www.thejakartapost.com/news/2020/03/02/bi-cuts-reserve-ratio-frees-up-3-2b-liquidity-in-local-banks-amid-market-sell-off.html|title=BI cuts reserve ratio, frees up $3.2b liquidity in local banks amid market sell-off|date=2 March 2020|work=The Jakarta Post|access-date=6 March 2020|publisher=PT Niskala Media Tenggara}} while the People's Bank of China declined to conduct open market operations.{{Cite news|url=https://www.reuters.com/article/us-china-openmarket-repo/chinas-central-bank-keeps-short-term-rates-steady-despite-fed-easing-idUSKBN20R0BK|title=China's central bank keeps short-term rates steady despite Fed easing|date=3 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200304061155/https://www.reuters.com/article/us-china-openmarket-repo/chinas-central-bank-keeps-short-term-rates-steady-despite-fed-easing-idUSKBN20R0BK|archive-date=4 March 2020}} South Korean Finance Minister Hong Nam-ki announced a ₩11.7 trillion ($9.8 billion) fiscal stimulus program.{{Cite news|last1=Kim|first1=Cynthia|url=https://www.reuters.com/article/us-southkorea-economy-budget/south-korea-unveils-9-8-billion-stimulus-to-fight-coronavirus-idUSKBN20R046|title=South Korea unveils $9.8 billion stimulus to fight coronavirus|date=3 March 2020|work=Reuters|access-date=17 March 2020|archive-url=https://web.archive.org/web/20200304151805/https://www.reuters.com/article/us-southkorea-economy-budget/south-korea-unveils-9-8-billion-stimulus-to-fight-coronavirus-idUSKBN20R046|archive-date=4 March 2020|url-status=live}}

Also on 3 March, due to the Bank of Mexico declining to cut its overnight rate further,{{Cite news|last=Graham|first=Dave|url=https://www.reuters.com/article/us-mexico-economy-minutes/hawks-have-upper-hand-as-mexico-central-bank-paces-rate-cuts-idUSKCN20L34G|title=Hawks have upper hand as Mexico central bank paces rate cuts|date=27 February 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200304220701/https://www.reuters.com/article/us-mexico-economy-minutes/hawks-have-upper-hand-as-mexico-central-bank-paces-rate-cuts-idUSKCN20L34G|archive-date=4 March 2020}} Mexican Finance Minister Arturo Herrera Gutiérrez announced a fiscal stimulus program to accelerate government spending.{{Cite news|url=https://www.reuters.com/article/us-mexico-economy/mexicos-finance-minister-says-less-space-for-rate-cut-after-u-s-fed-decision-idUSKBN20Q2S4|title=Mexico to speed up spending, spur private investment to counter coronavirus shock|date=3 March 2020|work=Reuters|access-date=4 March 2020}} The Federal Open Market Committee lowered the federal funds rate target by 50 basis points with Federal Reserve Chair Powell stating that the central bank "saw a risk to the outlook for the economy and chose to act" and that "the magnitude and persistence of the overall effect [of the outbreak] on the U.S. economy remain highly uncertain".{{Cite news|last=Cox| first=Jeff|url=https://www.cnbc.com/2020/03/03/powell-says-the-fed-saw-a-risk-to-the-outlook-for-the-economy-and-chose-to-act.html|title=Powell says the Fed saw 'a risk to the outlook for the economy and chose to act'| date=3 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304052348/https://www.cnbc.com/2020/03/03/powell-says-the-fed-saw-a-risk-to-the-outlook-for-the-economy-and-chose-to-act.html|archive-date=4 March 2020|publisher=CNBC}} At the close of trading on 3 March, European and Asia-Pacific stock markets had mostly risen,{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/03/european-stocks-hope-for-stimulus-from-central-banks.html|title=European stocks close higher after emergency Fed rate cut|date=3 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200303210329/https://www.cnbc.com/2020/03/03/european-stocks-hope-for-stimulus-from-central-banks.html|archive-date=3 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly}} but the S&P 500, the NASDAQ Composite, and the Dow Jones Industrial Average all fell (with the Dow reversing more than two-thirds of the previous day's gain).{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/02/dow-futures-rise-about-150-points-in-early-trading-extending-mondays-huge-comeback-rally.html|title=Dow plunges more than 700 points despite the Fed cutting rates|date=2 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304074733/https://www.cnbc.com/2020/03/02/dow-futures-rise-about-150-points-in-early-trading-extending-mondays-huge-comeback-rally.html|archive-date=4 March 2020|publisher=CNBC|last2=Pound|first2=Jesse|last3=Huang|first3=Eustance}} Oil futures rose and the yield on 10-year and 30-year U.S. Treasury securities fell to record lows of 0.91% and 1.60% respectively (with the fall below 1% on the 10-year securities occurring for the first time in history).{{Cite news|last1=Saefong|first1=Myra P.|url=https://www.marketwatch.com/story/oil-prices-extend-gains-to-a-second-straight-day-as-traders-watch-for-global-action-on-coronavirus-2020-03-03|title=U.S. oil climbs, but ends off the day's high as Fed rate cut raises worries about COVID-19's economic fallout|date=3 March 2020|access-date=16 March 2020|website=MarketWatch|last2=DeCambre|first2=Mark|archive-url=https://web.archive.org/web/20200305060320/https://www.marketwatch.com/story/oil-prices-extend-gains-to-a-second-straight-day-as-traders-watch-for-global-action-on-coronavirus-2020-03-03|archive-date=5 March 2020|url-status=live}}{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/03/03/treasury-yields-rise-after-stimulus-hopes-lift-risk-on-sentiment.html|title=10-year Treasury yield falls below 1% for the first time after Fed slashes rates due to coronavirus|date=3 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304072431/https://www.cnbc.com/2020/03/03/treasury-yields-rise-after-stimulus-hopes-lift-risk-on-sentiment.html|archive-date=4 March 2020|publisher=CNBC}}

On 4 March, Asia-Pacific and European stock markets continued mostly rising (with the KOSPI alone rising by 2%),{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/03/04/asia-markets-the-fed-australia-gdp-coronavirus-in-focus.html|title=South Korea stocks up more than 2% as Fed cuts rate; China's services sector slumps in February|date=3 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304133433/https://www.cnbc.com/2020/03/04/asia-markets-the-fed-australia-gdp-coronavirus-in-focus.html|archive-date=4 March 2020|publisher=CNBC}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/04/european-markets-react-to-feds-rate-cut.html|title=European markets close higher as investors monitor virus spread and hope for stimulus|date=4 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200305093918/https://www.cnbc.com/2020/03/04/european-markets-react-to-feds-rate-cut.html|archive-date=5 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly}} while the S&P 500 rose by 4.2%, the NASDAQ Composite rose by 3.8%, and the Dow Jones Industrial Average reversed the previous day's loss by rising by 1,173 points (or 4.5%).{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/03/dow-futures-show-300-point-pop-as-early-super-tuesday-results-favor.html|title=Dow soars more than 1,100 points as market rallies off Biden win, UnitedHealth pops 10%|date=3 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304215245/https://www.cnbc.com/2020/03/03/dow-futures-show-300-point-pop-as-early-super-tuesday-results-favor.html|archive-date=4 March 2020|publisher=CNBC|last2=Franck|first2=Thomas|last3=Li|first3=Yun}} However, oil futures fell and the yield on 10-year and 30-year U.S. Treasury securities finished at 0.99% and 1.64% respectively.{{Cite news|last1=Saefong|first1=Myra P.|url=https://www.marketwatch.com/story/oil-prices-gain-on-hope-of-substantial-cuts-to-production-by-saudi-arabia-2020-03-04|title=Oil prices settle lower as OPEC+ appears to struggle to reach an agreement on output cuts|date=4 March 2020|access-date=16 March 2020|website=MarketWatch|last2=DeCambre|first2=Mark|archive-url=https://web.archive.org/web/20200317054426/https://www.marketwatch.com/story/oil-prices-gain-on-hope-of-substantial-cuts-to-production-by-saudi-arabia-2020-03-04|archive-date=17 March 2020|url-status=live}}{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/03/04/10-year-treasury-yield-below-1percent-as-investors-monitor-coronavirus-super-tuesday.html|title=10-year Treasury yield dips below 1% again as investors still look for safety amid coronavirus fears|date=4 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200304085943/https://www.cnbc.com/2020/03/04/10-year-treasury-yield-below-1percent-as-investors-monitor-coronavirus-super-tuesday.html|archive-date=4 March 2020|publisher=CNBC}} The Bank of Canada and the Saudi Arabian Monetary Authority announced 50 basis point cuts to their overnight and repo rates respectively,{{Cite news|url=https://www.reuters.com/article/us-canada-cenbank/bank-of-canada-slashes-interest-rates-amid-coronavirus-fears-says-ready-to-cut-again-if-needed-idUSKBN20R28X|title=Bank of Canada slashes interest rates amid coronavirus fears, says ready to cut again if needed|date=4 March 2020|work=Reuters|access-date=4 March 2020}}{{Cite news|last=Khan|first=Sarmad|url=https://www.thenational.ae/business/economy/gulf-central-banks-cut-rates-after-unexpected-fed-move-to-offset-coronavirus-impact-1.987862|title=Gulf central banks cut rates after unexpected Fed move to offset coronavirus impact|date=4 March 2020|work=The National|access-date=7 March 2020|publisher=International Media Investments}} International Monetary Fund managing director Kristalina Georgieva announced a $50 billion emergency credit-line program to assist low-income and emerging market countries with policy responses to the epidemic,{{Cite news|last=Pound|first=Jesse|url=https://www.cnbc.com/2020/03/04/imf-announces-50-billion-program-for-coronavirus-relief.html|title=IMF announces $50 billion program for coronavirus relief|date=4 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200305055118/https://www.cnbc.com/2020/03/04/imf-announces-50-billion-program-for-coronavirus-relief.html|archive-date=5 March 2020|publisher=CNBC}}{{Cite news|last1=Lawder|first1=David|url=https://www.reuters.com/article/us-health-coronavirus-imf/imf-chief-says-coronavirus-wipes-out-hopes-for-faster-growth-in-2020-idUSKBN20R2H6|title=IMF chief says coronavirus wipes out hopes for faster growth in 2020|date=4 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200304164144/https://www.reuters.com/article/us-health-coronavirus-imf/imf-chief-says-coronavirus-wipes-out-hopes-for-faster-growth-in-2020-idUSKBN20R2H6|archive-date=4 March 2020|last2=Shalal|first2=Andrea}} and the Central Bank of Brazil announced that it would auction up to $1 billion in foreign exchange swaps.{{Cite news|url=https://www.reuters.com/article/brazil-forex-cenbank/brazil-central-bank-to-intervene-in-fx-swaps-market-on-thursday-idUSAQN025H4R|title=Brazil central bank to intervene in FX swaps market on Thursday|date=4 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200305064903/https://www.reuters.com/article/brazil-forex-cenbank/brazil-central-bank-to-intervene-in-fx-swaps-market-on-thursday-idUSAQN025H4R|archive-date=5 March 2020}}

On 5 March, Asia-Pacific stock markets continued rising while European stock markets closed down.{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/03/05/asia-markets-wall-street-imf-package-coronavirus-currencies.html|title=Chinese stocks lead gains as IMF announces $50 billion package to fight coronavirus|date=4 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200305135246/https://www.cnbc.com/2020/03/05/asia-markets-wall-street-imf-package-coronavirus-currencies.html|archive-date=5 March 2020|publisher=CNBC}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/05/european-stocks-set-to-open-higher-after-50-billion-imf-pledge.html|title=European stocks close 1.4% lower amid virus volatility; Capita plunges 38%|date=5 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200306065651/https://www.cnbc.com/2020/03/05/european-stocks-set-to-open-higher-after-50-billion-imf-pledge.html|archive-date=6 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly}} The S&P 500, the NASDAQ Composite, and Dow Jones Industrial Average all fell by more than 3%.{{Cite news|last1=Li|first1=Yun|url=https://www.cnbc.com/2020/03/05/us-markets-dow-futures-indicate-opening-drop.html|title=Dow tanks more than 950 points as Wall Street's roller-coaster week continues|date=5 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200305182237/https://www.cnbc.com/2020/03/05/us-markets-dow-futures-indicate-opening-drop.html|archive-date=5 March 2020|publisher=CNBC|last2=Huang|first2=Eustance}} Oil futures rose following reports of OPEC agreeing to production cuts with Russia,{{Cite news|last=Kollmeyer|first=Barbara|url=https://www.marketwatch.com/story/oil-prices-rise-on-report-opec-agrees-15-million-barrel-per-day-production-cut-2020-03-05|title=Oil prices rise on report OPEC agrees 1.5 million barrel-per-day production cut|date=5 March 2020|access-date=16 March 2020|website=MarketWatch|archive-url=https://web.archive.org/web/20200323165310/https://www.marketwatch.com/story/oil-prices-rise-on-report-opec-agrees-15-million-barrel-per-day-production-cut-2020-03-05|archive-date=23 March 2020|url-status=live}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 0.91% and 1.54% respectively.{{Cite news|last1=Franck|first1=Thomas|url=https://www.cnbc.com/2020/03/05/10-year-treasury-yield-holds-above-1percent-after-stock-surge-coronavirus-package.html|title=10-year Treasury yield hits all-time low below 0.9% as virus fears fuel demand for US debt|date=5 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200306013121/https://www.cnbc.com/2020/03/05/10-year-treasury-yield-holds-above-1percent-after-stock-surge-coronavirus-package.html|archive-date=6 March 2020|publisher=CNBC|last2=Sheetz|first2=Michael}} The Central Bank of Argentina cut its bank rate by an additional 200 basis points,{{Cite news|last1=Gillespie|first1=Patrick|url=https://www.batimes.com.ar/news/argentina/central-bank-will-continue-lowering-rates-to-curb-inflation.phtml|title=Central Bank will continue lowering rates to curb inflation|date=4 March 2020|work=Buenos Aires Times|access-date=5 March 2020|last2=Olivera Doll|first2=Ignacio}} and after declining to cut its overnight rate on 27 February,{{Cite news|last1=Choudhury|first1=Saheli Roy|url=https://www.cnbc.com/2020/02/27/asia-stocks-wall-street-bank-of-korea-decision-trump-on-coronavirus.html|title=Japan shares drop beyond 2% as South Korea central bank keeps rate unchanged|date=26 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200303035905/https://www.cnbc.com/2020/02/27/asia-stocks-wall-street-bank-of-korea-decision-trump-on-coronavirus.html|archive-date=3 March 2020|publisher=CNBC|last2=Huang|first2=Eustance}} the Bank of Korea renewed a currency swap agreement with Bank Indonesia.{{Cite news|url=https://www.thejakartapost.com/news/2020/03/05/bi-bank-of-korea-renew-currency-swap-agreement-to-boost-trade-financial-stability.html|title=BI, Bank of Korea renew currency swap agreement to boost trade, financial stability|date=5 March 2020|work=The Jakarta Post|access-date=5 March 2020|publisher=PT Niskala Media Tenggara}} On 6 March, stock markets worldwide closed down (although the Dow Jones Industrial Average, NASDAQ Composite, and S&P 500 closed up on the week).{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/03/06/asia-markets-coronavirus-airline-stocks-currencies-in-focus.html|title=Major Asian markets fall more than 2% to cap week of market gyrations|date=6 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200306111941/https://www.cnbc.com/2020/03/06/asia-markets-coronavirus-airline-stocks-currencies-in-focus.html|archive-date=6 March 2020|publisher=CNBC}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/06/european-stocks-amid-coronavirus-volatility.html|title=European stocks close 3.6% lower amid coronavirus volatility; oil sector down 5.5%|date=6 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200306100905/https://www.cnbc.com/2020/03/06/european-stocks-amid-coronavirus-volatility.html|archive-date=6 March 2020|publisher=CNBC|last2=Amaro|first2=Silvia}}{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/03/06/us-markets-dow-futures-coronavirus-us-treasury-yields.html|title=Dow falls 250 points, ekes out a small weekly gain after a wild run|date=6 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200306053004/https://www.cnbc.com/2020/03/06/us-markets-dow-futures-coronavirus-us-treasury-yields.html|archive-date=6 March 2020|publisher=CNBC}} Oil prices fell by 9% (the largest one-day price drop in 11 years),{{Cite news|last1=Thompson|first1=Mark|url=https://www.cnn.com/2020/03/06/business/oil-prices-opec-disarray/index.html|title=Oil just had its worst day in 11 years as OPEC and Russia fall out over the coronavirus crisis|date=6 March 2020|access-date=16 March 2020|publisher=CNN|last2=Defterios|first2=John|archive-url=https://web.archive.org/web/20200309121539/https://www.cnn.com/2020/03/06/business/oil-prices-opec-disarray/index.html|archive-date=9 March 2020|url-status=live}} while the yields on 10-year and 30-year U.S. Treasury securities fell to new record lows under 0.71% and 1.22% respectively.{{Cite news|last=Franck|first=Thomas|url=https://www.cnbc.com/2020/03/06/10-year-treasury-yield-falls-below-0point83percent-as-coronavirus-rocks-markets.html|title=10-year Treasury yield falls to new all-time low under 0.7% as flight to bonds continues|date=6 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200306074257/https://www.cnbc.com/2020/03/06/10-year-treasury-yield-falls-below-0point83percent-as-coronavirus-rocks-markets.html|archive-date=6 March 2020|publisher=CNBC}} U.S. President Donald Trump signed into law an emergency appropriations and pandemic countermeasures bill including $8.3 billion in government spending.{{Cite news|last1=Borter|first1=Gabriella|url=https://www.reuters.com/article/us-health-coronavirus-usa/coronavirus-found-on-cruise-ship-as-more-u-s-states-report-cases-idUSKBN20T235|title=Coronavirus found on cruise ship as more U.S. states report cases|date=6 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200310072232/https://www.reuters.com/article/us-health-coronavirus-usa/coronavirus-found-on-cruise-ship-as-more-u-s-states-report-cases-idUSKBN20T235|archive-date=10 March 2020|last2=Gorman|first2=Steve}}

{{main|2020 Russia–Saudi Arabia oil price war}}

The reduction in the demand for travel and the lack of factory activity due to the COVID-19 pandemic significantly impacted demand for oil, causing its price to fall.{{Cite news|url=https://apnews.com/6449ec1c2eb460366853dd3e799dd877|title=Oil prices fall as coronavirus spreads outside China|date=29 February 2020|url-status=live|archive-url=https://web.archive.org/web/20200308175452/https://apnews.com/6449ec1c2eb460366853dd3e799dd877|archive-date=8 March 2020|work=Associated Press}} In mid-February, the International Energy Agency forecast that oil demand growth in 2020 would be the smallest since 2011.{{Cite news|url=https://www.ft.com/content/babdb1ba-4e3b-11ea-95a0-43d18ec715f5|title=Coronavirus set to knock oil demand growth to slowest since 2011|date=13 February 2020|work=Financial Times|url-status=live|archive-url=https://web.archive.org/web/20200214140259/https://www.ft.com/content/babdb1ba-4e3b-11ea-95a0-43d18ec715f5|archive-date=14 February 2020}} Chinese demand slump resulted in a meeting of the Organization of the Petroleum Exporting Countries (OPEC) to discuss a potential cut in production to balance the loss in demand.{{Cite news|last=Kollewe|first=Julia|url=https://www.theguardian.com/business/live/2020/feb/04/opec-to-discuss-coronavirus-as-chinese-oil-demand-slumps-business-live|title=Opec discusses coronavirus as Chinese oil demand slumps – as it happened|date=4 February 2020|work=The Guardian|url-status=live|archive-url=https://web.archive.org/web/20200206095240/https://www.theguardian.com/business/live/2020/feb/04/opec-to-discuss-coronavirus-as-chinese-oil-demand-slumps-business-live|archive-date=6 February 2020}} The cartel initially made a tentative agreement to cut oil production by 1.5 million barrels per day following a meeting in Vienna on 5 March 2020, which would bring production levels to the lowest since the Iraq War.{{Cite news|last=Johnson|first=Keith|url=https://foreignpolicy.com/2020/03/05/opec-tries-forestall-coronavirus-oil-collapse-crude-prices/|title=OPEC Tries to Forestall a Coronavirus Oil Collapse|date=5 March 2020|work=Foreign Policy|url-status=live|archive-url=https://web.archive.org/web/20200307041622/https://foreignpolicy.com/2020/03/05/opec-tries-forestall-coronavirus-oil-collapse-crude-prices/|archive-date=7 March 2020}}

After OPEC and Russia failed to agree on oil production cuts on 6 March and Saudi Arabia and Russia both announced increases in oil production on 7 March, oil prices fell by 25 percent.{{Cite news|last1=Stevens|first1=Pippa|url=https://www.cnbc.com/2020/03/06/oil-sinks-5percent-to-multi-year-low-on-uncertain-opec-deal.html|title=Oil plunges 10% for worst day in more than 5 years after OPEC+ fails to agree on a massive production cut|date=6 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200308230139/https://www.cnbc.com/2020/03/06/oil-sinks-5percent-to-multi-year-low-on-uncertain-opec-deal.html|archive-date=8 March 2020|publisher=CNBC|last2=Meredith|first2=Sam}}{{Cite news|last=Kelly|first=Stephanie|url=https://www.reuters.com/article/us-global-oil/oil-prices-plunge-hit-by-erupting-saudi-russia-oil-price-war-idUSKBN20V131|title=Oil plunges 25%, hit by erupting Saudi-Russia oil price war|date=8 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200309181433/https://www.reuters.com/article/us-global-oil/oil-prices-plunge-hit-by-erupting-saudi-russia-oil-price-war-idUSKBN20V131|archive-date=9 March 2020}} On 8 March, Saudi Arabia unexpectedly announced that it would increase production of crude oil and sell it at a discount (of $6–8 a barrel) to customers in Asia, the US, and Europe, following the breakdown of negotiations as Russia resisted calls to cut production. The biggest discounts targeted Russian oil customers in northwestern Europe.{{Cite news|url=https://www.economist.com/finance-and-economics/2020/03/09/saudi-russian-price-war-sends-oil-and-stockmarkets-crashing|title=Saudi-Russian price war sends oil and stockmarkets crashing|date=9 March 2020|newspaper=The Economist|url-status=live|archive-url=https://web.archive.org/web/20200309155422/https://www.economist.com/finance-and-economics/2020/03/09/saudi-russian-price-war-sends-oil-and-stockmarkets-crashing|archive-date=9 March 2020}}

Prior to the announcement, the price of oil had gone down by more than 30% since the start of the year, and upon Saudi Arabia's announcement it dropped a further 30 percent, though later recovered somewhat.{{Cite news|last=Stevens|first=Pippa|url=https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html|title=Oil prices plunge as much as 30% after OPEC deal failure sparks price war|date=8 March 2020|publisher=CNBC|url-status=live|archive-url=https://web.archive.org/web/20200309000012/https://www.cnbc.com/2020/03/08/oil-plummets-30percent-as-opec-deal-failure-sparks-price-war-fears.html|archive-date=9 March 2020|language=en}}{{Cite news|url=https://www.npr.org/2020/03/08/813439501/saudi-arabia-stuns-world-with-massive-discount-in-oil-sold-to-asia-europe-and-u-?t=1583756267642|title=Oil Prices, Stocks Plunge After Saudi Arabia Stuns World With Massive Discounts|date=8 March 2020|publisher=NPR|url-status=live|archive-url=https://web.archive.org/web/20200310003246/https://www.npr.org/2020/03/08/813439501/saudi-arabia-stuns-world-with-massive-discount-in-oil-sold-to-asia-europe-and-u-?t=1583756267642|archive-date=10 March 2020}} Brent Crude, used to price two-thirds of the world's crude oil supplies, experienced the largest drop since the 1991 Gulf War on the night of 8 March. Also, the price of West Texas Intermediate fell to its lowest level since February 2016.{{Cite news|url=https://www.washingtonpost.com/business/2020/03/08/saudi-arabia-flooding-market-with-oil-prompting-predictions-further-decline-monday/|title=U.S. markets crater with stocks down more than 5 percent as coronavirus spreads|last1=Telford|first1=Taylor|last2=Englund|first2=Will|newspaper=The Washington Post|language=en|url-status=live|archive-url=https://web.archive.org/web/20200308232006/https://www.washingtonpost.com/business/2020/03/08/saudi-arabia-flooding-market-with-oil-prompting-predictions-further-decline-monday/|archive-date=8 March 2020|last3=Heath|first3=Thomas}} Former George W. Bush administration energy policy advisor Bob McNally noted, "This is the first time since 1930 and '31 that a massive negative demand shock has coincided with a supply shock;"{{Cite news|url=https://www.washingtonpost.com/climate-environment/oil-price-war-threatens-widespread-collateral-damage/2020/03/09/3e42c9e2-6207-11ea-acca-80c22bbee96f_story.html|title=Oil price war threatens widespread collateral damage|last1=Mufson|first1=Steven|last2=Englund|first2=Will|newspaper=The Washington Post|language=en|access-date=9 March 2020}} in that case it was the Smoot–Hawley Tariff Act precipitating a collapse in international trade during the Great Depression, coinciding with discovery of the East Texas Oil Field during the Texas oil boom. Fears of the Russian–Saudi Arabian oil price war caused a plunge in U.S. stocks, and have had a particular impact on American producers of shale oil.{{Cite news|last=Egan|first=Matt|url=https://edition.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html|title=Oil crashes by most since 1991 as Saudi Arabia launches price war|date=9 March 2020|publisher=CNN|url-status=live|archive-url=https://web.archive.org/web/20200309003756/https://edition.cnn.com/2020/03/08/investing/oil-prices-crash-opec-russia-saudi-arabia/index.html|archive-date=9 March 2020}}

Prior to opening, the Dow Jones Industrial Average futures market experienced a 1,300-point drop based on the coronavirus 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.{{Cite web|url=https://www.bbc.com/news/business-51796806|title=Global shares plunge in worst day since financial crisis|date=9 March 2020|publisher=BBC|url-status=live|archive-url=https://web.archive.org/web/20200309150404/https://www.bbc.com/news/business-51796806|archive-date=9 March 2020}}{{Cite news|last=Yun Li|url=https://www.nbcnews.com/business/business-news/dow-futures-tumble-1-000-points-all-out-oil-price-n1152716|title=Dow futures tumble as Saudi-Russia oil price war adds to coronavirus stress|date=8 March 2019|publisher=NBC News|url-status=live|archive-url=https://web.archive.org/web/20200309093051/https://www.nbcnews.com/business/business-news/dow-futures-tumble-1-000-points-all-out-oil-price-n1152716|archive-date=9 March 2020|language=en}}{{Cite news|last=Lucy Bayly|url=https://www.nbcnews.com/business/markets/dow-set-open-decline-1-300-points-oil-war-adds-n1152941|title=Dow closes with decline of 2,000 points, almost ending 11-year bull market|date=9 March 2020|publisher=NBC News|url-status=live|archive-url=https://web.archive.org/web/20200309170712/https://www.nbcnews.com/business/markets/dow-set-open-decline-1-300-points-oil-war-adds-n1152941|archive-date=9 March 2020|language=en}}{{Cite news|last=Stephanie Ruhle|url=https://www.msnbc.com/stephanie-ruhle/watch/stocks-plunge-at-market-open-trading-halts-after-dow-drops-1800-points-80319557862|title=Stocks plunge at market open, trading halts after Dow drops 1800 points|date=9 March 2019|publisher=MSNBC|language=en}} Over the previous weekend, on 8 March, the TA-35 and TA-125 Indices of the Tel Aviv Stock Exchange fell by 4.5% and 4.7% respectively,{{cite news|title=Tel Aviv Stock Exchange plummets as coronavirus fears deepen|date=8 March 2020|work=The Times of Israel|url=https://www.timesofisrael.com/tel-aviv-stock-exchange-plummets-as-coronavirus-fears-deepen/|access-date=14 April 2021}} entering bear markets from their 19 February peaks.{{refn|group=list|name=TA-35&TA-125|{{Cite news|url=https://www.reuters.com/article/us-israel-markets-idUKKBN213199|last=Scheer|first=Steven|title=Bank of Israel boosts dollar liquidity as shekel slides|date=16 March 2020|work=Reuters|access-date=14 April 2021|language=en}}{{cite news|title=Dollar Jumps to NIS 3.862 as Shares Post a Rare Gain|date=18 March 2020|work=Haaretz|publisher=M. DuMont Schauberg|url=https://www.haaretz.com/israel-news/business/economy-finance/.premium-dollar-jumps-to-nis-3-862-as-shares-post-a-rare-gain-1.8685401|access-date=14 April 2021}}{{cite web|url=https://finance.yahoo.com/quote/TA35.TA/|title=TA-35 Historical Data|date=9 March 2020|website=Yahoo|access-date=14 April 2021}}{{cite web|url=https://finance.yahoo.com/quote/%5ETA125.TA/|title=TA-125 Historical Data|date=9 March 2020|website=Yahoo|access-date=14 April 2021}}}}

File:Indices S&P BSE 500 (2015 to 2020).png (January 2015 to November 2020). Blue highlight reflects COVID-19 period (taken to start from March 2020 as per first lockdown).|alt=]]

File:Indices S&P BSE 500 Period Jan - 2015 to May - 2020.png

The United States' Dow Jones Industrial Average lost more than 2000 points,{{Cite web|url=https://www.usatoday.com/story/money/2020/03/09/dow-oil-tumbles-global-recession-fears/4998613002/|title=Dow plummets 2,000 points, oil prices drop as global recession concerns mount|last=Menton|first=Jessica|website=USA Today|language=en-US|access-date=10 March 2020}} described by The News International as "the biggest ever fall in intraday trading."{{Cite web|url=https://www.thenews.com.pk/print/626849-trillions-vaporise-from-world-economy|title=Trillions vaporise from world economy|website=The News International|language=en|access-date=10 March 2020}} The Dow Jones Industrial Average hit a number of trading "circuit breakers" to curb panicked selling. Oil firms Chevron and ExxonMobil fell about 15%.{{Cite news|url=https://www.haaretz.com/us-news/dow-set-for-1-300-point-crash-at-open-on-oil-shock-virus-fears-1.8651464|title=Dow Dives 2,000 Points After Oil Shock|date=9 March 2020|work=Haaretz|access-date=10 March 2020|agency=Reuters|language=en}} The NASDAQ Composite, also in the United States, lost over 620 points.{{clarify|what percentage? This bullet should be somewhat comparable for our global reader of Wikipedia with the percentage numbers provided for other global stock indices|date=March 2020}} The S&P 500 fell by 7.6%.{{Cite web|url=https://fortune.com/2020/03/09/dow-jones-sp-500-today-nasdaq-stock-market-crash-2020/|title=Worst day in a decade: Nasdaq, S&P, Dow down nearly 8% in massive market rout|website=Fortune|language=en|access-date=10 March 2020}} Oil prices fell 22%,{{Cite news|last=Defterios|first=John|url=https://www.cnn.com/2020/03/09/business/oil-price-crash-explainer/index.html|title=Why oil prices are crashing and what it means|date=9 March 2020|access-date=16 March 2020|website=CNN Business|publisher=CNN|archive-url=https://web.archive.org/web/20200315180255/https://www.cnn.com/2020/03/09/business/oil-price-crash-explainer/index.html|archive-date=15 March 2020|url-status=live}} and the yields on 10-year and 30-year U.S. Treasury securities fell below 0.40% and 1.02% respectively.{{Cite news|last1=Franck|first1=Thomas|url=https://www.cnbc.com/2020/03/09/10-year-treasury-yield-plunges.html|title=10-year Treasury yield hits new all-time low of 0.318% amid historic flight to bonds|date=9 March 2020|access-date=16 March 2020|publisher=CNBC|last2=Li|first2=Yun|archive-url=https://web.archive.org/web/20200309193520/https://www.cnbc.com/2020/03/09/10-year-treasury-yield-plunges.html|archive-date=9 March 2020|url-status=live}} Canada's S&P/TSX Composite Index finished the day off by more than 10%.{{Cite news|url=https://business.financialpost.com/investing/markets-snapshot-oil-wreck-bear-stocks-rouble-trouble|title=TSX sinks 10.3%, U.S. stocks plunge most since the financial crisis {{!}} Financial Post|last=Investing|newspaper=Financial Post |date=9 March 2020|language=en-CA|access-date=10 March 2020}} Brazil's IBOVESPA gave up 12%, erasing over 15 months of gains for the index.{{Cite news|url=https://www.reuters.com/article/us-brazil-markets-idUSKBN20W2XT|title=Brazil stocks post biggest fall since 1998, central bank intervenes twice in FX|date=9 March 2020|work=Reuters|access-date=10 March 2020|language=en}} Australia's ASX 200 lost 7.3% – its biggest daily drop since 2008,{{Cite news|url=https://www.reuters.com/article/australia-stocks-close-idUSL4N2B21QJ|title=Australian shares drop most in over 11 years on virus fears, oil plunge|date=9 March 2020|work=Reuters|access-date=10 March 2020|language=en}}{{Cite web|url=https://www.smh.com.au/business/markets/real-fear-asx-plunges-7-3-per-cent-as-136b-wiped-from-bourse-20200309-p548df.html|title='Real fear': ASX plunges 7.3 per cent as $136b wiped from bourse|date=9 March 2020|website=The Sydney Morning Herald|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200310180447/https://www.smh.com.au/business/markets/real-fear-asx-plunges-7-3-per-cent-as-136b-wiped-from-bourse-20200309-p548df.html|archive-date=10 March 2020|url-status=live}} though it rebounded later in the day. London's FTSE 100 lost 7.7%, suffering its worst drop since the 2008 financial crisis.{{Cite web|url=https://news.sky.com/story/coronavirus-ftse-100-in-biggest-fall-since-2008-financial-crisis-on-outbreak-fears-11953938|title=Coronavirus: FTSE 100 in biggest fall since 2008 financial crisis on outbreak fears|last=Marais|first=Sharos|date=9 March 2020|publisher=Sky News}}{{Cite news|last=Ashworth|first=Louis|url=https://www.telegraph.co.uk/business/2020/03/09/markets-live-latest-news-ftse-100-pound-euro/|title=Stock markets crash after oil price collapses|date=9 March 2020|work=The Telegraph|access-date=10 March 2020|language=en-GB|issn=0307-1235}} BP and Shell Oil experienced intraday price drops of nearly 20%{{Cite news|last=Ashworth|first=Louis|url=https://www.telegraph.co.uk/business/2020/03/09/markets-live-latest-news-ftse-100-pound-euro/|title=Stock markets crash after oil price collapses|date=9 March 2020|access-date=9 March 2020|work=The Telegraph}} 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.{{Cite news|url=https://www.thetimes.com/article/sports-events-and-concerts-face-ban-if-coronavirus-takes-off-in-uk-39lm5s8gd|title=FTSE falls 11% in a week as virus spreads|date=9 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200302032554/https://www.thetimes.co.uk/article/sports-events-and-concerts-face-ban-if-coronavirus-takes-off-in-uk-39lm5s8gd|archive-date=2 March 2020|website=The Times}}{{Cite web|url=https://www.bbc.com/news/topics/cwjzjjz559yt/cac-40|title=FTSE tumbles 8.2% on opening rout|date=9 March 2020|publisher=BBC|url-status=live|archive-url=https://web.archive.org/web/20200310154407/https://www.bbc.com/news/topics/cwjzjjz559yt/cac-40|archive-date=10 March 2020}}{{Cite web|url=https://q13fox.com/2020/03/09/sp-500-index-drops-7-triggering-a-15-minute-trading-halt/|archive-url=https://web.archive.org/web/20200310162602/https://q13fox.com/2020/03/09/sp-500-index-drops-7-triggering-a-15-minute-trading-halt/|url-status=dead|archive-date=10 March 2020|title=US stocks halted after falling 7%. Global stocks plunge as oil crashes and coronavirus fear spreads|date=9 March 2020|website=Q13 FOX}} The STOXX Europe 600 fell to more than 20% below its peak earlier in the year.{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/09/european-markets-plunge-as-coronavirus-spreads-further-and-oil-slumps.html|title=European stocks close 7% lower and enter bear market territory as oil prices crash|date=9 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly|access-date=26 March 2020|archive-url=https://web.archive.org/web/20200309160516/https://www.cnbc.com/2020/03/09/european-markets-plunge-as-coronavirus-spreads-further-and-oil-slumps.html|archive-date=9 March 2020|url-status=live}}

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.{{Cite news|last1=Vishnoi|first1=Abhishek|url=https://www.bloomberg.com/news/articles/2020-03-09/perfect-storm-is-plunging-asia-stocks-to-bear-markets-one-by-one|title=Perfect Storm Plunges Asia Stocks Into Bear Markets One by One|date=9 March 2020|access-date=10 March 2020|last2=Mookerjee|first2=Ishika|website=Bloomberg}} In Japan, the Nikkei 225 plummeted 5.1%.{{Cite web|url=https://www.kpax.com/news/u-s-and-the-world/us-stocks-halted-after-falling-7-global-stocks-plunge-as-oil-crashes-and-coronavirus-fear-spreads|title=US stocks halted after falling 7%. Global stocks plunge as oil crashes and coronavirus fear spreads|last=He|first=Laura|date=9 March 2020|website=8 KPAX}} In Singapore, the Straits Times Index fell 6.03%.{{Cite web|url=https://www.channelnewsasia.com/news/business/singapore-stocks-four-year-low-oil-rout-covid19-fears-12518786|title=Singapore stocks near 4-year low as oil rout, COVID-19 fears send investors 'dumping everything'|last=Tang|first=See Kit|date=9 March 2020|website=CNA|access-date=10 March 2020|archive-date=13 May 2020|archive-url=https://web.archive.org/web/20200513151842/https://www.channelnewsasia.com/news/business/singapore-stocks-four-year-low-oil-rout-covid19-fears-12518786|url-status=dead}} In China, the CSI 300 Index lost 3%.{{Cite web|url=https://www.marketwatch.com/story/virus-spread-trade-news-send-stocks-in-asia-into-retreat-early-thursday-2020-01-22|title=China stocks slide 3%, leading sharp losses for Asia as coronavirus spreads|date=23 January 2020|website=Market Watch|url-status=live|archive-url=https://web.archive.org/web/20200310154403/https://www.marketwatch.com/story/virus-spread-trade-news-send-stocks-in-asia-into-retreat-early-thursday-2020-01-22|archive-date=10 March 2020}} In Hong Kong, the Hang Seng index sank 4.2%.{{Cite web|url=https://www.scmp.com/business/money/stock-talk/article/3074183/hong-kong-stocks-track-worst-fall-more-two-years-global|title=Hong Kong stocks plunge more than 1,100 points as collapsing oil market adds to the woes of a widening coronavirus outbreak|last=Price|first=Deb|date=9 March 2020|website=South China Morning Post|url-status=live|archive-url=https://web.archive.org/web/20200309122850/https://www.scmp.com/business/money/stock-talk/article/3074183/hong-kong-stocks-track-worst-fall-more-two-years-global|archive-date=9 March 2020}} 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%.{{Cite news|url=https://www.dawn.com/news/1539534/|title=Crash and recover: Stocks register largest intra-day fall in history before rebounding|date=9 March 2020|work=Dawn|access-date=26 March 2020|archive-url=https://web.archive.org/web/20200317160938/https://www.dawn.com/news/1539534/|archive-date=17 March 2020|url-status=live}} 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.{{Cite news|last=Raj|first=Shubham|url=https://economictimes.indiatimes.com/markets/stocks/news/monday-mayhem-may-mark-worst-day-for-sensex-5-factors-causing-this-crash/articleshow/74547106.cms|title=Monday mayhem marks worst day for Sensex: 5 factors causing this crash|date=9 March 2020|work=The Economic Times|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200319195529/https://economictimes.indiatimes.com/markets/stocks/news/monday-mayhem-may-mark-worst-day-for-sensex-5-factors-causing-this-crash/articleshow/74547106.cms|archive-date=19 March 2020|url-status=live}}

The Washington Post posited that coronavirus-related turmoil could spark a collapse of the corporate debt bubble, sparking and worsening a recession.{{Cite news|url=https://www.washingtonpost.com/business/2020/03/10/coronavirus-markets-economy-corporate-debt/|title=Fears of corporate debt bomb grow as coronavirus outbreak worsens|last=Lynch|first=David J.|date=10 March 2020|newspaper=The Washington Post|language=en|url-status=live|archive-url=https://web.archive.org/web/20200311001048/https://www.washingtonpost.com/business/2020/03/10/coronavirus-markets-economy-corporate-debt/|archive-date=11 March 2020}} The Central Bank of Russia announced that it would suspend foreign exchange market purchases in domestic markets for 30 days,{{Cite news|last=Soldatkin|first=Vladimir|url=https://www.reuters.com/article/russia-cenbank-forex/russian-cenbank-says-suspends-forex-purchases-for-30-days-idUSL8N2B20O8|title=Russian cenbank says suspends forex purchases for 30 days|date=9 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200309214620/https://www.reuters.com/article/russia-cenbank-forex/russian-cenbank-says-suspends-forex-purchases-for-30-days-idUSL8N2B20O8|archive-date=9 March 2020}} 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.{{Cite news|last1=McGeever|first1=Jamie|url=https://www.reuters.com/article/us-brazil-markets/brazil-stocks-post-biggest-fall-since-1998-central-bank-intervenes-twice-in-fx-idUSKBN20W2XT|title=Brazil stocks post biggest fall since 1998, central bank intervenes twice in FX|date=9 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200310071604/https://www.reuters.com/article/us-brazil-markets/brazil-stocks-post-biggest-fall-since-1998-central-bank-intervenes-twice-in-fx-idUSKBN20W2XT|archive-date=10 March 2020|last2=Laier|first2=Paula}}{{Cite news|last=Esposito|first=Anthony|url=https://www.reuters.com/article/us-mexico-peso/mexico-central-bank-props-up-battered-peso-rates-outlook-uncertain-idUSKBN20W32Q|title=Mexico central bank props up battered peso, rates outlook uncertain|date=9 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200310071502/https://www.reuters.com/article/us-mexico-peso/mexico-central-bank-props-up-battered-peso-rates-outlook-uncertain-idUSKBN20W32Q|archive-date=10 March 2020}} After announcing a $120 billion fiscal stimulus programs on 2 December,{{Cite news|last1=Takemoto|first1=Yoshifumi|url=https://www.reuters.com/article/us-japan-economy/japan-preparing-120-billion-stimulus-package-to-bolster-fragile-economy-idUSKBN1Y62IU|title=Japan preparing $120 billion stimulus package to bolster fragile economy|date=2 December 2019|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200221080224/https://www.reuters.com/article/us-japan-economy/japan-preparing-120-billion-stimulus-package-to-bolster-fragile-economy-idUSKBN1Y62IU|archive-date=21 February 2020|last2=Kajimoto|first2=Tetsushi}} Japanese Prime Minister Shinzo Abe announced additional government spending,{{Cite news|last1=Kajimoto|first1=Tetsushi|url=https://www.reuters.com/article/us-healthcare-coronavirus-japan-package/japan-announces-4-billion-coronavirus-package-not-yet-eyeing-extra-budget-idUSKBN20X04B|title=Japan announces $4 billion coronavirus package, not yet eyeing extra budget|date=9 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200311004142/https://www.reuters.com/article/us-healthcare-coronavirus-japan-package/japan-announces-4-billion-coronavirus-package-not-yet-eyeing-extra-budget-idUSKBN20X04B|archive-date=11 March 2020|last2=Leussink|first2=Daniel}} while Indonesian Finance Minister Sri Mulyani announced additional stimulus as well.{{Cite news|last=Akhlas|first=Adrian Wail|url=https://www.thejakartapost.com/news/2020/03/09/lower-income-rising-debt-expected-as-indonesia-unveils-extra-stimulus.html|title=Lower income, rising debt expected as Indonesia unveils extra stimulus|date=9 March 2020|work=The Jakarta Post|access-date=9 March 2020|publisher=PT Niskala Media Tenggara}}

As the hashtag #BlackMonday trended on Twitter,{{Cite news|last=Grothaus|first=Michael|url=https://www.fastcompany.com/90474449/black-monday-stock-markets-plummet-on-coronavirus-fears-and-oil-price-war|title=Black Monday: Stock markets plummet on coronavirus fears and oil price war|date=9 March 2020|access-date=9 March 2020|publisher=Fast Company|quote=The volatility in the markets has led to the hashtag #BlackMonday trending on Twitter. 'Black Monday' is, of course, a reference to large stock market crashes, particularly the one that happened in October 1987, which saw the Dow lose over 22% of its value in a single day. Whether today ends up being a new Black Monday in the history books, of course, depends on how trading continues throughout the day.}} news organizations such as the Associated Press,{{Cite news|last=McDonald|first=Joe|url=https://apnews.com/d66a95ec77d43fea5156aa6327fdf650|title=Black Monday: Why global stocks and oil prices plunged|date=9 March 2020|access-date=12 March 2020|work=Associated Press|archive-url=https://web.archive.org/web/20200310204728/https://apnews.com/d66a95ec77d43fea5156aa6327fdf650|archive-date=10 March 2020|url-status=live}} The Economist,{{Cite news|url=https://www.economist.com/finance-and-economics/2020/03/09/how-market-panic-can-feed-back-to-the-world-economy|title=How market panic can feed back to the world economy|date=9 March 2020|newspaper=The Economist|url-status=live|archive-url=https://web.archive.org/web/20200310080534/https://www.economist.com/finance-and-economics/2020/03/09/how-market-panic-can-feed-back-to-the-world-economy|archive-date=10 March 2020}} and Yahoo Finance UK adopted the term on the day it occurred.{{Cite news|last=Belger|first=Tom|url=https://finance.yahoo.com/news/ftse-100-monday-latest-coronavirus-oil-price-markets-open-081657287.html|title=FTSE nosedives as oil shock wipes billions off stocks on 'Black Monday'|date=9 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200309094632/https://finance.yahoo.com/news/ftse-100-monday-latest-coronavirus-oil-price-markets-open-081657287.html|archive-date=9 March 2020|agency=Yahoo Finance UK|quote="This will be remembered as Black Monday. If you thought it couldn't get any worse than the last fortnight, think again... it's utter carnage out there," said Neil Wilson, chief market analyst at Markets.com.}} While The Guardian initially referred to it as "Crash Monday", they also later referred to it as "The Black Monday of 2020" to distinguish it from the 1987 crash of the same name.{{Cite news|last=Elliot|first=Larry|url=https://www.theguardian.com/business/2020/mar/09/coronavirus-crash-monday-is-the-price-were-paying-for-a-decade-of-cheap-money|title='Crash Monday' is the price we're paying for a decade of cheap money|date=9 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200309161201/https://www.theguardian.com/business/2020/mar/09/coronavirus-crash-monday-is-the-price-were-paying-for-a-decade-of-cheap-money|archive-date=9 March 2020|agency=The Guardian (UK)|quote=The working week began in the City of London with oil prices down by 30% and the leading barometer of UK shares registering falls of more than 8%, so it didn't take long for it to be dubbed Crash Monday. To be sure, those with long enough memories would have been able to recall a similar market panic in October 1987, when a wave of selling began in east Asia and rolled inexorably westwards. That, though, is about as far as the comparison goes, because the 2020 Black Monday is a lot more serious than the one 30-odd years ago.}} The Associated Press also quoted an analyst of the Australian finance company OFX as saying, "A blend of shocks have sent the markets into a frenzy on what may only be described as 'Black Monday' ... A combination of a Russia vs. Saudi Arabia oil price war, a crash in equities, and escalations in coronavirus woes have created a killer cocktail to worsen last week's hangover."{{Cite news|last=Sedensky|first=Matt|url=https://www.detroitnews.com/story/business/2020/03/09/stocks-oil-prices-plunge-virus-closes-sites-around-world/111409604/|title=Stocks, oil prices plunge as virus closes sites around world|access-date=9 March 2020|agency=Detroit News / Associated Press|quote="A blend of shocks have sent the markets into a frenzy on what may only be described as 'Black Monday,'" said Sebastien Clements, analyst at financial payments platform OFX. "A combination of a Russia vs. Saudi Arabia oil price war, a crash in equities, and escalations in coronavirus woes have created a killer cocktail to worsen last week's crisis."}}

File:Bulle und Bär Frankfurt.jpg run and entered a bear market. Symbolic statues from the Frankfurt Stock Exchange pictured.]]

On the following day of trading, US stocks recouped some of the losses which happened on Monday, rising by more than 4%.{{Cite news |url=https://finance.yahoo.com/news/stock-market-news-live-updates-march-9-2020-221452310.html |title=Stock market news live updates: Dow closes 1,167 points higher despite coronavirus worries |date=10 March 2020 |publisher=Yahoo! Finance |access-date=12 March 2020}} This was attributed to a potential fiscal stimulus, such as a potential 0% payroll tax, being proposed by US President Donald Trump.{{Cite news |url=https://www.cnbc.com/2020/03/10/what-happened-to-the-stock-market-tuesday-big-rally-on-fiscal-stimulus-hopes.html |title=Here's what happened to the stock market on Tuesday |date=10 March 2020 |publisher=CNBC |access-date=12 March 2020}} On Wednesday, however, stocks fell once more, and resulted in the DJIA entering a bear market (i.e. 20% drop from the most recent peak) for the first time in 11 years, ending the longest bull market in American stock market history.{{Cite news |url=https://www.wsj.com/articles/global-markets-calmer-after-two-hectic-days-11583899913 |title=Dow Jones Industrial Average's 11-Year Bull Run Ends |date=11 March 2020 |work=The Wall Street Journal |access-date=12 March 2020}}

On 10 March, the Dow Jones Industrial Average, the NASDAQ Composite, and the S&P 500 all closed 4.9% up,{{Cite news |last1=Imbert |first1=Fred |url=https://www.cnbc.com/2020/03/09/dow-futures-fall-200-points-following-markets-worst-day-since-financial-crisis.html |title=Dow rallies more than 1,100 points in a wild session, halves losses from Monday's sell-off |date=9 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200310000218/https://www.cnbc.com/2020/03/09/dow-futures-fall-200-points-following-markets-worst-day-since-financial-crisis.html |archive-date=10 March 2020 |publisher=CNBC |last2=Li |first2=Yun |last3=Amaro |first3=Silvia}} while Asia-Pacific stock markets closed up and European stock markets closed down.{{Cite news |last=Huang |first=Eustance |url=https://www.cnbc.com/2020/03/10/asia-markets-china-inflation-data-oil-currencies-in-focus.html |title=Japanese shares bounce back in turbulent session as investors await stimulus measures |date=9 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200310170641/https://www.cnbc.com/2020/03/10/asia-markets-china-inflation-data-oil-currencies-in-focus.html |archive-date=10 March 2020 |publisher=CNBC}}{{Cite news |last1=Smith |first1=Elliot |url=https://www.cnbc.com/2020/03/10/european-markets-rebound-after-global-rout-amid-oil-virus-fears.html |title=European markets reverse gains to close in the red; Stoxx 600 down 0.88% |date=10 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200310174356/https://www.cnbc.com/2020/03/10/european-markets-rebound-after-global-rout-amid-oil-virus-fears.html |archive-date=10 March 2020 |publisher=CNBC |last2=Ellyatt |first2=Holly}} Oil prices rose by 10%,{{Cite news |last=Stevens |first=Pippa |url=https://www.cnbc.com/2020/03/09/oil-sell-off-deepens-as-prices-slip-further-following-worst-day-since-1991.html |title=Oil jumps more than 10% one day after sharpest decline since 1991, amid hopes for continued OPEC talks |date=9 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200310152717/https://www.cnbc.com/2020/03/09/oil-sell-off-deepens-as-prices-slip-further-following-worst-day-since-1991.html |archive-date=10 March 2020 |publisher=CNBC}} while yields on 10-year and 30-year U.S. Treasury securities rose to 0.70% and 1.16% respectively.{{Cite news |last=Li |first=Yun |url=https://www.cnbc.com/2020/03/10/treasury-yields-climb-off-historic-lows-as-markets-attempt-to-stabilize.html |title=10-year Treasury yield rebounds from record low |date=10 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200310110449/https://www.cnbc.com/2020/03/10/treasury-yields-climb-off-historic-lows-as-markets-attempt-to-stabilize.html |archive-date=10 March 2020 |publisher=CNBC}} The Central Bank of Russia announced a repo auction of ₽500 billion (or $7 billion) and increased its foreign exchange swap operation limit to up to $5 billion.{{Cite news |last1=Ostroukh |first1=Andrey |url=https://uk.reuters.com/article/russia-markets/update-2-central-banks-act-as-russian-kazakh-currencies-tumble-idUKL8N2B31J7 |archive-url=https://web.archive.org/web/20200323135600/https://uk.reuters.com/article/russia-markets/update-2-central-banks-act-as-russian-kazakh-currencies-tumble-idUKL8N2B31J7 |url-status=dead |archive-date=23 March 2020 |title=UPDATE 3-Central banks act as Russian, Kazakh currencies tumble |date=10 March 2020 |work=Reuters |access-date=15 March 2020 |last2=Tétrault-Farber |first2=Gabrielle |last3=Vaal |first3=Tamara}} while Bank Indonesia conducted open market purchases of government bonds and Indonesian Finance Minister Sri Mulyani announced tax-related stimulus.{{Cite news |last=Akhlas |first=Adrian Wail |url=https://www.thejakartapost.com/news/2020/03/10/indonesia-prepares-additional-measures-to-stabilize-markets-halt-tax-payments-amid-virus-risks.html |title=Indonesia prepares additional measures to stabilize markets, halt tax payments amid virus risks |date=10 March 2020 |work=The Jakarta Post |access-date=10 March 2020 |publisher=PT Niskala Media Tenggara}} Australian Prime Minister Scott Morrison announced A$2.4 billion in government spending for pandemic countermeasures.{{Cite news |last=Martin |first=Sarah |url=https://www.theguardian.com/world/2020/mar/11/australia-to-unveil-24bn-coronavirus-health-package-including-pop-up-fever-clinics |title=Australia to unveil $2.4bn coronavirus health package including pop-up fever clinics |date=10 March 2020 |work=The Guardian |url-status=live |archive-url=https://web.archive.org/web/20200311143856/https://www.theguardian.com/world/2020/mar/11/australia-to-unveil-24bn-coronavirus-health-package-including-pop-up-fever-clinics |archive-date=11 March 2020 }}

On 11 March, Asia-Pacific and European stock markets closed down (with the S&P/ASX 200 on the Australian Securities Exchange falling to more than 20% below its 52-week high),{{Cite news |last=Huang |first=Eustance |url=https://www.cnbc.com/2020/03/11/asia-markets-government-stimulus-coronavirus-currencies-in-focus.html |title=Australia tumbles into bear territory as volatility continues to rock Asia Pacific markets |date=10 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200311203401/https://www.cnbc.com/2020/03/11/asia-markets-government-stimulus-coronavirus-currencies-in-focus.html |archive-date=11 March 2020 |publisher=CNBC}}{{Cite news |last1=Smith |first1=Elliot |url=https://www.cnbc.com/2020/03/11/european-markets-focus-on-the-coronavirus.html |title=European markets close lower as coronavirus concerns persist; Bank of England cuts rates |date=11 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200311203344/https://www.cnbc.com/2020/03/11/european-markets-focus-on-the-coronavirus.html |archive-date=11 March 2020 |publisher=CNBC |last2=Ellyatt |first2=Holly}} while the NASDAQ Composite and the S&P 500 both fell by 5% and the Dow Jones Industrial Average by 6% (with the Dow also falling to more than 20% below its most recent record high set on 19 February).{{Cite news |last=Imbert |first=Fred |url=https://www.cnbc.com/2020/03/10/dow-futures-point-to-a-loss-of-more-than-400-points-after-tuesdays-surge.html |title=Dow drops 1,400 points and tumbles into a bear market, down 20% from last month's record close |date=11 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200311001538/https://www.cnbc.com/2020/03/10/dow-futures-point-to-a-loss-of-more-than-400-points-after-tuesdays-surge.html |archive-date=11 March 2020 |publisher=CNBC}}{{Cite news |last=Culp |first=Stephen |url=https://www.reuters.com/article/us-usa-stocks/wall-street-tumbles-dow-confirms-bear-market-idUSKBN20Y1FR |title=Wall Street tumbles, Dow confirms bear market |date=11 March 2020 |work=Reuters |url-status=live |archive-url=https://web.archive.org/web/20200311205713/https://www.reuters.com/article/us-usa-stocks/wall-street-tumbles-dow-confirms-bear-market-idUSKBN20Y1FR |archive-date=11 March 2020 }} Oil prices fell by 4%,{{Cite news |url=https://www.cnbc.com/2020/03/11/oil-markets-us-producers-in-focus.html |title=Oil drops 4% after Saudi Aramco asked to raise output capacity |date=11 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200311194216/https://www.cnbc.com/2020/03/11/oil-markets-us-producers-in-focus.html |archive-date=11 March 2020 |publisher=CNBC}} while the yield on 10-year and 30-year U.S. Treasury securities rose to 0.82% and 1.33% respectively.{{Cite news |last=Li |first=Yun |url=https://www.cnbc.com/2020/03/11/treasury-yields-edge-lower-as-us-coronavirus-cases-cross-1000.html |title=10-year Treasury yield rises in volatile trading |date=11 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200311145751/https://www.cnbc.com/2020/03/11/treasury-yields-edge-lower-as-us-coronavirus-cases-cross-1000.html |archive-date=11 March 2020 |publisher=CNBC}} The Índice Bovespa of the Brazil Stock Exchange fell by 8.5% to 27% on the year,{{Cite news |last=McGeever |first=Jamie |url=https://www.reuters.com/article/us-brazil-markets/brazil-markets-slammed-as-coronavirus-goes-pandemic-stocks-fall-85-idUSKBN20Y39Q |title=Brazil markets slammed as coronavirus goes 'pandemic', stocks fall 8.5% |date=11 March 2020 |work=Reuters |access-date=13 March 2020 }} while the S&P/TSX Composite Index on the Toronto Stock Exchange also fell to more than 20 percent below its most recent peak on 20 February.{{Cite news |last=Marowits |first=Ross |url=https://globalnews.ca/news/6662527/tsx-bear-market-who-coronavirus/ |title=TSX crosses into bear market as coronavirus declared a pandemic |date=11 March 2020 |work=Global News |access-date=15 March 2020 |publisher=Global Television Network}} The Bank of England announced that it would cut its bank rate by 25 basis points,{{Cite news |last=Amaro |first=Silvia |url=https://www.cnbc.com/2020/03/11/bank-of-england-cuts-main-interest-rate.html |title=Bank of England cuts rates in emergency move to combat coronavirus impact |date=11 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200311091348/https://www.cnbc.com/2020/03/11/bank-of-england-cuts-main-interest-rate.html |archive-date=11 March 2020 |publisher=CNBC}} while Chancellor of the Exchequer Rishi Sunak announced £30 billion in government spending with £12 billion specifically directed at pandemic countermeasures.{{Cite news |url=https://www.bbc.com/news/uk-politics-51835306 |title=Budget 2020: Chancellor pumps billions into economy to combat coronavirus |date=11 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313012056/https://www.bbc.com/news/uk-politics-51835306 |archive-date=13 March 2020 |work=BBC News}} The Federal Reserve announced that it would increase the top level of its overnight repurchase operations to $175 billion.{{Cite news |last=Cox |first=Jeff |url=https://www.cnbc.com/2020/03/11/fed-boosts-money-its-providing-to-banks-in-overnight-repo-lending-to-175-billion.html |title=Fed boosts money it's providing to banks in overnight repo lending to $175 billion |date=11 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200311185429/https://www.cnbc.com/2020/03/11/fed-boosts-money-its-providing-to-banks-in-overnight-repo-lending-to-175-billion.html |archive-date=11 March 2020 |publisher=CNBC}} The Bank of Japan announced that it was increasing its annual target of purchases of exchange-traded funds above the current ¥6 trillion (or $57 billion).{{Cite news |url=https://www.japantimes.co.jp/news/2020/03/11/business/financial-markets/bank-of-japan-stocks-stimulus-coronavirus/ |title=Bank of Japan looks to boost stocks with additional stimulus as virus roils markets |date=11 March 2020 |work=The Japan Times |url-status=live |archive-url=https://web.archive.org/web/20200312175053/https://www.japantimes.co.jp/news/2020/03/11/business/financial-markets/bank-of-japan-stocks-stimulus-coronavirus/#.XmmYXS_Mz_Q |archive-date=12 March 2020 |publisher=News2u Holdings, Inc.}} Indonesian Finance Minister Sri Mulyani announced tax relief for the Indonesian manufacturing sector during the COVID-19 pandemic.{{Cite news |last1=Diela |first1=Tabita |url=https://www.reuters.com/article/health-coronavirus-indonesia-economy/update-1-indonesia-announces-tax-relief-for-manufacturing-during-virus-outbreak-idUSL4N2B439A |title=UPDATE 1-Indonesia announces tax relief for manufacturing during virus outbreak |date=13 March 2020 |work=Reuters |access-date=13 March 2020 |last2=Suroyo |first2=Gayatri}} Italian Prime Minister Giuseppe Conte announced a €25 billion (or $28 billion) fiscal stimulus.{{Cite news |last1=Sirletti |first1=Sonia |url=https://finance.yahoo.com/news/conte-calls-ecb-whatever-takes-173050659.html |title=Italy Announces $28 Billion Plan to Cushion Virus-Hit Economy |date=11 March 2020 |work=Bloomberg News |url-status=dead |archive-url=https://web.archive.org/web/20200312175307/https://finance.yahoo.com/news/conte-calls-ecb-whatever-takes-173050659.html |archive-date=12 March 2020 |last2=Follain |first2=John |last3=Rotondi |first3=Flavia |access-date=14 March 2020 }}

{{main|2020 Oval Office address}}

File:President Trump Addresses the Nation March 11 2020.webm

On 11 March, US president Donald Trump gave a public address. In the speech, the president announced a temporary 30-day travel ban on all European goods and passengers from Europe in response to the COVID-19 pandemic. Trump's initial statements were later corrected: the ban affected people who were not US citizens and who in the past two weeks had visited the 26-member Schengen Area, but did not include trade goods and cargo and excluded the United Kingdom and Republic of Ireland. These countries were added to the ban 3 days later. Trump did not consult with the European Union before imposing the travel ban.{{Cite news|last=Specia|first=Megan|url=https://www.nytimes.com/2020/03/12/world/europe/trump-travel-ban-coronavirus.html|title=What You Need to Know About Trump's European Travel Ban|date=12 March 2020|access-date=12 March 2020|website=The New York Times|archive-url=https://web.archive.org/web/20200312161301/https://www.nytimes.com/2020/03/12/world/europe/trump-travel-ban-coronavirus.html|archive-date=12 March 2020|url-status=live}}

Carmen Reinicke of Business Insider wrote that Trump's address to the nation "failed to calm investors' concerns about the economic fallout from the coronavirus outbreak".{{Cite web|url=https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-coronavirus-trump-travel-ban-2020-3-1028990017|title=Dow slips 2,000 points as Trump coronavirus response disappoints, Fed funding boost fades|last=Reinicke|first=Carmen|date=12 March 2020|website=Market Insider|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200312143739/https://markets.businessinsider.com/news/stocks/stock-market-news-today-index-reaction-coronavirus-trump-travel-ban-2020-3-1028990017|archive-date=12 March 2020|url-status=live}} According to Ben Levisohn, writer for Barron's, "Dow futures were up around 300 points before the president's address began. And then the president started talking—and futures started falling."{{Cite web|url=https://www.barrons.com/articles/why-president-donald-trumps-speech-spooked-the-stock-market-51584026366|title=Why President Donald Trump's Speech Spooked the Stock Market|last=Levisohn|first=Ben|website=Barrons.com|access-date=26 March 2020|archive-url=https://web.archive.org/web/20200323135216/https://www.barrons.com/articles/why-president-donald-trumps-speech-spooked-the-stock-market-51584026366|archive-date=23 March 2020|url-status=live}}

Black ThursdayFor an explanation regarding the title "Black Thursday", see:

• {{cite web|url=https://www.yahoo.com/entertainment/black-thursday-dow-suffers-biggest-201047970.html|title=Black Thursday: Dow Suffers Biggest Point Drop Ever, as Disney and Apple Fall Hard|date=12 March 2020|website=Yahoo|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200312212329/https://www.yahoo.com/entertainment/black-thursday-dow-suffers-biggest-201047970.html|archive-date=12 March 2020|url-status=live}}
• {{cite news|url=https://business.inquirer.net/292328/psei-sees-worst-freefall-in-12-years|title=Black Thursday: PSEi sees worst freefall in 12 years|last=Dumlao-Abadilla|first=Doris|date=12 March 2020|newspaper=Philippine Daily Inquirer|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200323093437/https://business.inquirer.net/292328/psei-sees-worst-freefall-in-12-years|archive-date=23 March 2020|url-status=live}}
• {{cite web|url=https://www.newindianexpress.com/business/2020/mar/12/pandemic-pandemonium-world-markets-crash-into-bear-country-on-black-thursday-2115906.html|title=Pandemic pandemonium: World markets crash into bear country on Black Thursday|last=Ananda|first=Jonathan|date=12 March 2020|website=The New Indian Express|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200317062432/https://www.newindianexpress.com/business/2020/mar/12/pandemic-pandemonium-world-markets-crash-into-bear-country-on-black-thursday-2115906.html|archive-date=17 March 2020|url-status=live}}
• {{cite web|url=https://www.icis.com/explore/resources/news/2020/03/12/10481846/europe-crude-petchems-prices-extend-losses-as-stocks-suffer-black-thursday|title=Europe crude, petchems prices extend losses as stocks suffer 'Black Thursday'|last=Lopez|first=Jonathan|date=12 March 2020|website=Independent Commodity Intelligence Services|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200322160627/https://www.icis.com/explore/resources/news/2020/03/12/10481846/europe-crude-petchems-prices-extend-losses-as-stocks-suffer-black-thursday|archive-date=22 March 2020|url-status=live}}
• {{cite web|url=https://www.amny.com/business/black-thursday-wall-street-stocks-plunge-10-in-worst-one-day-loss-in-32-years/|title=Black Thursday: Wall Street stocks plunge 10% in worst one-day loss in 32 years|last=Culp|first=Stephen|date=12 March 2020|website=AM New York Metro|url-status=live|archive-url=https://web.archive.org/web/20200314164147/https://www.amny.com/business/black-thursday-wall-street-stocks-plunge-10-in-worst-one-day-loss-in-32-years/|archive-date=14 March 2020|access-date=13 March 2020}}{{Cite web|url=https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html|title=Dow drops more than 8%, heads for biggest one-day plunge since 1987 market crash|last1=Imbert|first1=Fred|last2=Franck|first2=Thomas|date=12 March 2020|publisher=CNBC|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200312000949/https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html|archive-date=12 March 2020|url-status=live}} was a global stock market crash on 12 March 2020, as part of the greater 2020 stock market crash. US stock markets suffered from the greatest single-day percentage fall since the 1987 stock market crash. Following Black Monday three days earlier, Black Thursday was attributed to the COVID-19 pandemic and a lack of investor confidence in US President Donald Trump after he declared a 30-day travel ban against the Schengen Area.{{Cite news|last1=Barnes|first1=Brooks|url=https://www.nytimes.com/2020/03/12/business/stock-market-today.html|title=Stocks Plunge as Trump's Travel Ban Adds to Distress: Live Updates|date=12 March 2020|access-date=12 March 2020|last2=Ewing|first2=Jack|last3=Goodman|first3=Peter S.|last4=Tankersley|first4=Jim|last5=Koblin|first5=John|last6=Hsu|first6=Tiffany|last7=Smialek|first7=Jeanna|last8=McKenna|first8=Kevin|last9=Reed|first9=Stanley|first11=Liz|first10=Keith|first12=Alexandra|last12=Stevenson|first13=Isabella|last13=Kwai|first14=Keith|last14=Bradsher|first15=Nicole|website=The New York Times|first16=Matthew|last16=Goldstein|first17=Geneva|last17=Abdul|first18=Carlos|last18=Tejada|last15=Perlroth|last10=Bradsher|last11=Alderman|archive-url=https://web.archive.org/web/20200312042009/https://www.nytimes.com/2020/03/12/business/stock-market-today.html|archive-date=12 March 2020|url-status=live}} Additionally, the European Central Bank, under the lead of Christine Lagarde, decided to not cut interest rates despite market expectations,{{Cite web|url=https://www.cnbc.com/2020/03/12/european-central-bank-stimulus-package-amid-coronavirus.html|title=ECB surprises markets by not cutting rates, but announces stimulus to fight coronavirus impact|last=Amaro|first=Silvia|date=12 March 2020|publisher=CNBC|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200312174153/https://www.cnbc.com/2020/03/12/european-central-bank-stimulus-package-amid-coronavirus.html|archive-date=12 March 2020|url-status=live}} leading to a drop in S&P 500 futures of more than 200 points in less than an hour.{{Cite web|url=https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/03/12/Euro-Analysis-Ahead-of-ECB-Rate-Decision-and-Lagarde-Outlook.html|title=ECB rate decision, Lagarde outlook: What to expect|last=Zabelin|first=Dimitri|date=12 March 2020|website=DailyFX|access-date=13 March 2020|archive-url=https://web.archive.org/web/20200323164914/https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2020/03/12/Euro-Analysis-Ahead-of-ECB-Rate-Decision-and-Lagarde-Outlook.html|archive-date=23 March 2020|url-status=live}}

Bank Indonesia announced open market purchases of Rp4 trillion (or $276.53 million) in government bonds,{{Cite news|url=https://www.reuters.com/article/indonesia-markets-bonds/indonesia-cbank-buys-4-trln-rupiah-of-bonds-in-auction-may-run-2nd-auction-idUSL4N2B51FX|title=Indonesia c.bank buys 4 trln rupiah of bonds in auction, may run 2nd auction|date=12 March 2020|work=Reuters|access-date=13 March 2020}} while Bank Indonesia Governor Perry Warjiyo stated that Bank Indonesia's open market purchases of government bonds had climbed to Rp130 trillion on the year and Rp110 trillion since the end of January.{{Cite news|last=Akhlas|first=Adrian Wail|url=https://www.thejakartapost.com/news/2020/03/12/bank-indonesia-spends-rp-110t-to-stabilize-markets-as-virus-stokes-sell-off.html|title=Bank Indonesia spends Rp 110t to stabilize markets as virus stokes sell-off|date=12 March 2020|work=The Jakarta Post|access-date=13 March 2020|publisher=PT Niskala Media Tenggara}} Despite declining to cut its deposit rate, the European Central Bank increased its asset purchases by €120 billion (or $135 billion),{{Cite news|last=Amaro|first=Silvia|url=https://www.cnbc.com/2020/03/12/european-central-bank-stimulus-package-amid-coronavirus.html|title=ECB surprises markets by not cutting rates, but announces stimulus to fight coronavirus impact|date=12 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200312174153/https://www.cnbc.com/2020/03/12/european-central-bank-stimulus-package-amid-coronavirus.html|archive-date=12 March 2020|publisher=CNBC}} while the Federal Reserve announced $1.5 trillion in open market purchases.{{Cite news|last=Cox|first=Jeff|url=https://www.cnbc.com/2020/03/12/fed-to-pump-more-than-500-billion-into-short-term-bank-funding-expand-types-of-security-purchases.html|title=Fed to pump in more than $1 trillion in dramatic ramping up of market intervention amid coronavirus meltdown|date=12 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200312173956/https://www.cnbc.com/2020/03/12/fed-to-pump-more-than-500-billion-into-short-term-bank-funding-expand-types-of-security-purchases.html|archive-date=12 March 2020|publisher=CNBC}} Australian Prime Minister Scott Morrison announced a A$17.6 billion fiscal stimulus package.{{Cite news|last=Zhou|first=Naaman|url=https://www.theguardian.com/world/2020/mar/12/australian-government-unveils-176bn-stimulus-package-as-coronavirus-hammers-stock-market|title=Australian government unveils $17.6bn stimulus package as coronavirus hammers stock market|date=12 March 2020|work=The Guardian|url-status=live|archive-url=https://web.archive.org/web/20200312175130/https://www.theguardian.com/world/2020/mar/12/australian-government-unveils-176bn-stimulus-package-as-coronavirus-hammers-stock-market|archive-date=12 March 2020}} The Reserve Bank of India announced that it would conduct a six-month $2 billion currency swap for U.S. dollars,{{Cite news|last=Gopakumar|first=Gopika|url=https://www.livemint.com/industry/banking/reserve-bank-steps-into-forex-market-to-support-rupee-11584037286090.html|title=Reserve Bank steps into forex market to support rupee|date=12 March 2020|work=Mint|access-date=13 March 2020|publisher=HT Media}} while the Reserve Bank of Australia announced A$8.8 billion in repurchases of government bonds.{{Cite news|url=https://www.reuters.com/article/health-coronavirus-liquidity/asia-markets-look-to-central-bank-action-as-liquidity-tightens-idUSL8N2B608G|title=Asia markets look to central bank action as liquidity tightens|date=12 March 2020|work=Reuters|url-status=live|archive-url=https://web.archive.org/web/20200313084435/https://www.reuters.com/article/health-coronavirus-liquidity/asia-markets-look-to-central-bank-action-as-liquidity-tightens-idUSL8N2B608G|archive-date=13 March 2020}} The Central Bank of Brazil auctioned $1.78 billion foreign exchange spots.{{Cite news|last=McGeever|first=Jamie|url=https://www.reuters.com/article/brazil-forex/update-1-brazil-central-bank-accepts-no-bids-in-1-bln-spot-fx-auction-idUSL1N2B51I3|title=UPDATE 2-Brazil ups FX intervention, pledges to ease bond market strains|date=12 March 2020|work=Reuters|access-date=13 March 2020}}

Asia-Pacific stock markets closed down with the Nikkei 225 of the Tokyo Stock Exchange, the Hang Seng Index of the Hong Kong Stock Exchange, and the IDX Composite of the Indonesia Stock Exchange falling more than 20% below their 52-week highs.{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/03/12/asia-markets-dow-bear-market-coronavirus-currencies-in-focus.html|title=Japan stocks follow Dow into a bear market as Trump suspends travel from Europe; WHO declares coronavirus outbreak a pandemic|date=11 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200312213734/https://www.cnbc.com/2020/03/12/asia-markets-dow-bear-market-coronavirus-currencies-in-focus.html|archive-date=12 March 2020|publisher=CNBC}}{{Cite news|last1=Sin|first1=Noah|url=https://www.nasdaq.com/articles/hong-kongs-hang-seng-index-plunges-into-bear-market-2020-03-12|title=Hong Kong's Hang Seng Index plunges into bear market|date=12 March 2020|access-date=15 March 2020|last2=Shen|first2=Samuel|publisher=NASDAQ|archive-url=https://web.archive.org/web/20200323172054/https://www.nasdaq.com/articles/hong-kongs-hang-seng-index-plunges-into-bear-market-2020-03-12|archive-date=23 March 2020|url-status=live}}{{Cite news|last1=Rahman|first1=Riska|url=https://www.thejakartapost.com/news/2020/03/12/time-out-idx-halts-trading-as-shares-plunge-5.html|title=Time-out: IDX halts trading as shares plunge 5%|date=12 March 2020|work=The Jakarta Post|access-date=15 March 2020|publisher=PT Niskala Media Tenggara|last2=Samboh|first2=Esther|archive-url=https://web.archive.org/web/20200323165841/https://www.thejakartapost.com/news/2020/03/12/time-out-idx-halts-trading-as-shares-plunge-5.html|archive-date=23 March 2020|url-status=live}} European stock markets closed down 11% with the UK FTSE 100, German DAX, French CAC 40, Italian FTSE MIB, Finnish OMX Helsinki 25, Swedish OMX Stockholm 30, OMX Nordic 40, and the Latvian OMX Riga indices all closing more than 20% below their most recent peaks.{{refn|group=list|name=3 December 2020Europe|{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/12/europe-markets-poised-to-open-lower-after-trump-restricts-european-travel-to-us.html|title=European stocks close 11% lower in worst one-day drop ever on coronavirus fears|date=12 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200312213724/https://www.cnbc.com/2020/03/12/europe-markets-poised-to-open-lower-after-trump-restricts-european-travel-to-us.html|archive-date=12 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly}}{{Cite news|last=Aslam|first=Naeem|url=https://www.forbes.com/sites/naeemaslam/2020/03/12/the-bear-market-is-here-fastest-plunge-of-20-on-record/|title=The Bear Market Is Here! Fastest Plunge Of 20% On Record|date=12 March 2020|work=Forbes|access-date=15 March 2020}}{{Cite web|url=https://www.nasdaq.com/market-activity/index/omxn40/historical|title=OMXN40 Historical Data|access-date=14 April 2021|publisher=NASDAQ}}{{cite web|title=Baltic market indexes|website=NasdaqBaltic.com|url=https://nasdaqbaltic.com/statistics/en/charts|access-date=14 April 2021}}}} In the US, the Dow Jones Industrial Average closed down an additional 10%, the NASDAQ Composite closed down 9.4%, and the S&P 500 closed down 9.5%. This caused the NASDAQ and S&P 500 to fall to more than 20% below their all time highs, and so the declines activated a trading curb at the New York Stock Exchange for the second time that week.{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html|title=Dow plunges 10% amid coronavirus fears for its worst day since the 1987 market crash|date=12 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200312000949/https://www.cnbc.com/2020/03/11/futures-are-steady-wednesday-night-after-dow-closes-in-bear-market-traders-await-trump.html|archive-date=12 March 2020|publisher=CNBC|last2=Franck|first2=Thomas}}{{Cite news|last=Culp|first=Stephen|url=https://www.reuters.com/article/us-usa-stocks/wall-street-plunges-bringing-record-bull-run-to-an-end-idUSKBN20Z0CM|title=Wall Street plunges, bringing record bull run to an end|date=12 March 2020|work=Reuters|access-date=12 March 2020}} Oil prices dropped by 8%,{{Cite news|last=Stevens|first=Pippa|url=https://www.cnbc.com/2020/03/12/oil-drops-as-much-as-8percent-on-pace-for-worst-week-in-more-than-a-decade.html|title=Oil drops as much as 8%, on pace for worst week in more than a decade|date=12 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200312213750/https://www.cnbc.com/2020/03/12/oil-drops-as-much-as-8percent-on-pace-for-worst-week-in-more-than-a-decade.html|archive-date=12 March 2020|publisher=CNBC}} while the yields on 10-year and 30-year U.S. Treasury securities increased to 0.86% and 1.45% (and their yield curve finished normal).{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/12/treasury-yields-fall-as-dow-slides-into-bear-market.html|title=10-year Treasury yield rises even as stocks tumble into bear market|date=12 March 2020|url-status=live|archive-url=https://web.archive.org/web/20200312213804/https://www.cnbc.com/2020/03/12/treasury-yields-fall-as-dow-slides-into-bear-market.html|archive-date=12 March 2020|publisher=CNBC|last2=Li|first2=Yun}}

The US's Dow Jones Industrial Average and S&P 500 suffered from the greatest single-day percentage fall since the 1987 stock market crash, as did the UK's FTSE 100, which fell 10.87%.{{Cite news|url=https://www.bbc.com/news/business-51829852|title=Coronavirus: FTSE 100, Dow, S&P 500 in worst day since 1987|date=12 March 2020|access-date=13 March 2020|publisher=BBC|archive-url=https://web.archive.org/web/20200312203731/https://www.bbc.com/news/business-51829852|archive-date=12 March 2020|url-status=live}} The Canadian S&P/TSX Composite Index dropped 12%, its largest one-day drop since 1940.{{Cite news|url=https://www.thestar.com/business/2020/03/12/futures-market-points-to-another-plunge-for-us-stocks-global-markets-down.html|title=Canadian stock market bloodbath: Worst one-day fall in 80 years|date=12 March 2020|work=Toronto Star|access-date=12 March 2020|language=en|archive-url=https://web.archive.org/web/20200313023352/https://www.thestar.com/business/2020/03/12/futures-market-points-to-another-plunge-for-us-stocks-global-markets-down.html|archive-date=13 March 2020|url-status=live}} The FTSE MIB Italian index closed with a −16.92% loss, the worst in its history.{{Cite web|url=https://www.affaritaliani.it/economia/borse-piazza-affari-chiude-a-16-92-e-il-peggior-crollo-di-sempre-658193.html|title=Borse, Piazza Affari chiude a −16,92%. E' il peggior crollo di sempre|date=12 March 2020|website=Affaritaliani.it|language=Italian|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200323172955/https://www.affaritaliani.it/economia/borse-piazza-affari-chiude-a-16-92-e-il-peggior-crollo-di-sempre-658193.html|archive-date=23 March 2020|url-status=live}} Germany's DAX fell 12.24% and France's CAC 12.28%.{{Cite news|url=https://www.nasdaq.com/articles/european-markets-plummet-on-trumps-travel-ban-2020-03-12|title=European Markets Plummet On Trump's Travel Ban|date=12 March 2020|publisher=NASDAQ|access-date=13 March 2020|agency=RTTNews|archive-url=https://web.archive.org/web/20200323172556/https://www.nasdaq.com/articles/european-markets-plummet-on-trumps-travel-ban-2020-03-12|archive-date=23 March 2020|url-status=live}} In Brazil, the Ibovespa plummeted 14.78%, after trading in the B3 was halted twice within the intraday; it also moved below the 70,000 mark before closing above it.{{Cite web|url=https://www.infomoney.com.br/mercados/b3-reabre-e-ibovespa-cai-1546-apos-segundo-circuit-breaker-do-dia/|title=Ibovespa ameniza queda e recua 14% após anúncio de estímulos do Fed; dólar sobe a R$ 4,84|date=12 March 2020|website=InfoMoney|language=pt-BR|access-date=12 March 2020}}{{Cite web|url=https://www.infomoney.com.br/mercados/ibovespa-cai-148-e-tem-seu-pior-pregao-desde-1998-dolar-sobe-a-r-478/|title=Ibovespa cai 14,8% e tem seu pior pregão desde 1998; dólar sobe a R$ 4,78|date=12 March 2020|website=InfoMoney|language=pt-BR|access-date=12 March 2020}} The NIFTY 50 on the National Stock Exchange of India fell 7.89% to more than 20% below its most recent peak, while the BSE SENSEX on the Bombay Stock Exchange fell 2,919 (or 8.18%) to 32,778.{{Cite news|url=https://www.business-standard.com/article/markets/market-live-markets-sensex-nifty-bse-nse-coronavirus-dow-jones-oil-120031200172_1.html|title=MARKETS: Sensex slumps 2,919 pts, Nifty at 33-mth low in biggest 1-day fall|date=12 March 2020|work=Business Standard|access-date=15 March 2020|publisher=Business Standard Ltd|archive-url=https://web.archive.org/web/20200313001120/https://www.business-standard.com/article/markets/market-live-markets-sensex-nifty-bse-nse-coronavirus-dow-jones-oil-120031200172_1.html|archive-date=13 March 2020|url-status=live}} The benchmark stock market index on the Johannesburg Stock Exchange fell by 9.3%.{{Cite news|last=Changole|first=Adelaide|url=https://www.moneyweb.co.za/news/markets/jse-stocks-plunge-the-most-since-1997-in-panic-sell-off/|title=JSE stocks plunge the most since 1997 in 'panic' sell-off|date=12 March 2020|access-date=15 March 2020|website=Moneyweb|publisher=African Media Entertainment|archive-url=https://web.archive.org/web/20200323170945/https://www.moneyweb.co.za/news/markets/jse-stocks-plunge-the-most-since-1997-in-panic-sell-off/|archive-date=23 March 2020|url-status=live}} The MERVAL on the Buenos Aires Stock Exchange fell 9.5% to 19.5% on the week.{{Cite news|url=https://www.batimes.com.ar/news/economy/us-dow-argentinas-merval-suffer-another-rout-fueled-by-pandemic.phtml|title=Merval suffers another rout fuelled by Covid-19 pandemic|date=12 March 2020|work=Buenos Aires Times|access-date=15 March 2020|archive-url=https://web.archive.org/web/20200323170123/https://www.batimes.com.ar/news/economy/us-dow-argentinas-merval-suffer-another-rout-fueled-by-pandemic.phtml|archive-date=23 March 2020|url-status=live}} 12 March was the second time, following 9 March drop, that the 7%-drop circuit breaker was triggered since being implemented in 2013.

In Colombia, the peso set an all-time low against the U.S. dollar, when it traded above 4000 pesos for the first time on record.{{Cite news|url=https://www.reuters.com/article/colombia-cenbank-idUSL1N2B533T|title=Colombia's central bank holds extraordinary meeting amid sharp fall in peso|date=12 March 2020|work=Reuters|access-date=12 March 2020|language=en|archive-url=https://web.archive.org/web/20200323172658/https://www.reuters.com/article/colombia-cenbank-idUSL1N2B533T|archive-date=23 March 2020|url-status=live}}{{Cite web|url=https://caracol.com.co/radio/2020/03/12/economia/1584018532_364941.html|title=Dólar en Colombia alcanzó este jueves una cifra histórica de $4.034|last=Radio|first=Caracol|date=12 March 2020|website=Caracol Radio|language=es|access-date=12 March 2020|archive-url=https://web.archive.org/web/20200322042005/https://caracol.com.co/radio/2020/03/12/economia/1584018532_364941.html|archive-date=22 March 2020|url-status=live}} The Mexican peso also set an all-time record low against the U.S. dollar, trading at 22.99 pesos.{{Cite news|url=https://www.eluniversal.com.mx/cartera/finanzas/dolar-abre-en-rompe-maximo-historico|title=Dólar alcanza máximo histórico de 22.98 pesos en la madrugada|date=12 March 2020|access-date=12 March 2020|language=es|website=El Universal}}

Soon after trading began, a Level-1 trading curb was triggered on major US stock markets due to increased selling, leading to a 15-minute halt on trading. Level-1 circuit breaker is triggered with a fall of 7% on the S&P 500. The trading halt occurred after the markets reached a drop of 7.2 percent within 15 minutes. The crash temporarily recovered after the Federal Reserve Bank of New York offered at least $1.5 trillion worth of short-term loans to banks for 12–13 March, but the market quickly resumed its decline soon after.{{Cite news |url=https://www.nytimes.com./2020/03/12/business/stock-market-today.html |title=Stocks Continue Tumble Even After Fed Steps In: Live Updates |date=12 March 2020 |website=The New York Times |access-date=12 March 2020}} The Dow fell 2,353 points,{{Cite news |last1=McCabe |first1=Caitlin |url=https://www.wsj.com/articles/global-stocks-follow-u-s-markets-lower-11583975524 |title=Stocks Plunge 10% in Dow's Worst Day Since 1987 |date=12 March 2020 |work=The Wall Street Journal |access-date=13 March 2020 |last2=Ostroff |first2=Caitlin |language=en-US |issn=0099-9660}} losing all of its gains from its lowest point in 2018.{{Cite web |url=https://www.investors.com/market-trend/stock-market-today/dow-index-loses-all-gains-from-2018-bottom/ |title=Stocks Off Session Lows; Dow Wipes Out All Gains From 2018 Low |last=Arancibia |first=Juan |date=12 March 2020 |website=investors.com |access-date=12 March 2020}} The drop surpassed Black Monday, which occurred just a few days before, to be the greatest single-day point drop ever.{{Cite web |url=https://www.cnbc.com/2020/03/12/stock-market-today-live.html |title=Stock market live Thursday: Dow tanks 2,300 in worst day since Black Monday, S&P 500 bear market |last=Imbert |first=Pippa Stevens,Maggie Fitzgerald,Fred |date=12 March 2020 |publisher=CNBC |language=en |access-date=13 March 2020}} Together with the drops of 1,191 and 1,465 points on 27 February and 11 March, the four largest Dow daily losses up to Black Thursday were all linked to the COVID-19 pandemic.{{Cite web |url=https://techcrunch.com/2020/03/12/stocks-dive-on-dows-worst-day-since-1987-tech-crashes-and-bitcoin-is-no-haven/| title=Stocks dive on Dow's worst day since 1987, tech crashes and Bitcoin is no haven| first1=Kirsten| last1=Korosec| first2=Jonathan| last2=Shieber| first3=Alex| last3=Wilhelm| date=12 March 2020| website=techcrunch.com| url-status=live| archive-date=16 March 2020| archive-url=https://archive.today/20200316205204/https://techcrunch.com/2020/03/12/stocks-dive-on-dows-worst-day-since-1987-tech-crashes-and-bitcoin-is-no-haven/}}{{Cite web |url=https://www.cnbc.com/2020/03/08/dow-futures-drop-700-points-as-all-out-oil-price-war-adds-to-coronavirus-stress.html |title=Dow sinks 2,000 points in worst day since 2008, S&P 500 drops more than 7% |date=9 March 2020 |publisher=CNBC |access-date=12 March 2020}}{{Cite web |url=https://www.cnbc.com/2020/03/10/dow-futures-point-to-a-loss-of-more-than-400-points-after-tuesdays-surge.html |title=Dow drops 1,400 points and tumbles into a bear market, down 20% from last month's record close |date=11 March 2020 |publisher=CNBC |access-date=11 March 2020}}{{Cite web|url=https://krcrtv.com/news/nation-world/dow-jones-drops-1200-points-biggest-point-decline-ever|title=Dow Jones drops nearly 1,200 points, biggest point decline ever|date=27 February 2020|website=krcrtv.com|access-date=27 February 2020}} President Trump reacted to the crash by defending his travel ban and predicting that the stock market would eventually recover with central bank intervention.{{Cite web |url=https://www.npr.org/2020/03/12/814961973/trump-defends-travel-ban-says-stock-market-will-bounce-back |title=Trump Defends Travel Ban, Says Stock Market Will Bounce Back |last1=Naylor |first1=Brian |last2=Rampton |first2=Roberta |date=12 March 2020 |publisher=NPR |access-date=12 March 2020}}

On 13 March, European stock markets closed mostly up while Asia-Pacific stock markets mostly closed down (except for the S&P/ASX 200 which rose by 4.4%),{{Cite news |last=Huang |first=Eustance |url=https://www.cnbc.com/2020/03/13/asia-markets-wall-street-coronavirus-stimulus-measures-in-focus.html |title=Australia stocks stage dramatic comeback as Asia markets trade wildly |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313063832/https://www.cnbc.com/2020/03/13/asia-markets-wall-street-coronavirus-stimulus-measures-in-focus.html |archive-date=13 March 2020 |publisher=CNBC}}{{Cite news |last=Smith |first=Elliot |url=https://www.cnbc.com/2020/03/13/european-stocks-set-for-mixed-open-after-historic-sell-off.html |title=European stocks close higher, but down 19% on the week in worst sell-off since 2008 |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313223140/https://www.cnbc.com/2020/03/13/european-stocks-set-for-mixed-open-after-historic-sell-off.html |archive-date=13 March 2020 |publisher=CNBC}} while the Dow Jones Industrial Average, NASDAQ Composite, and the S&P 500 all rose by more than 9% (in their largest rally since 2008).{{Cite news |last1=Imbert |first1=Fred |url=https://www.cnbc.com/2020/03/12/futures-stock-market-coronavirus-concerns.html |title=Stocks post biggest rally since 2008, clawing back some of their coronavirus collapse |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313002216/https://www.cnbc.com/2020/03/12/futures-stock-market-coronavirus-concerns.html |archive-date=13 March 2020 |publisher=CNBC |last2=Li |first2=Yun |last3=Huang |first3=Eustance}} The RTS Index on the Moscow Exchange finished 27% down on the week,{{Cite web |url=https://finance.yahoo.com/quote/RTSI.ME?p=RTSI.ME&.tsrc=fin-srch |title=RTSI Historical Data |date=14 March 2020 |website=Yahoo |access-date=15 March 2020}}{{Cite web |url=https://www.themoscowtimes.com/2020/03/13/extreme-volatility-marks-turbulent-week-on-russian-stock-market-a69617 |title=Extreme Volatility Marks Turbulent Week on Russian Stock Market |last=Aris |first=Ben |date=13 March 2020 |website=The Moscow Times |access-date=17 March 2020}} the Tadawul All-Share Index on the Saudi Stock Exchange finished 17% percent down,{{Cite web |url=https://finance.yahoo.com/quote/%5ETASI.SR/history/ |title=TASI Historical Data |date=14 March 2020 |website=Yahoo |access-date=15 March 2020}} the benchmark index on the Borsa Istanbul finished 15% down,{{Cite web |url=https://finance.yahoo.com/quote/%5EXU100/history/ |title=XU100 Historical Data |date=14 March 2020 |website=Yahoo |access-date=15 March 2020}} and the Indice de Precios y Cotizaciones on the Mexican Stock Exchange finished 9% down.{{Cite web |url=https://finance.yahoo.com/quote/%5EMXX/history/ |title=IPC Historical Data |date=14 March 2020 |publisher=Yahoo! |access-date=15 March 2020}} Though finishing up on the day, oil prices posted their largest single-week decline since 2008,{{Cite news |url=https://www.cnbc.com/2020/03/13/oil-markets-coronavirus-brent-crude-futures-in-focus.html |title=Oil posts biggest weekly loss since 2008 |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313223242/https://www.cnbc.com/2020/03/13/oil-markets-coronavirus-brent-crude-futures-in-focus.html |archive-date=13 March 2020 |publisher=CNBC}} while yields on 10-year and 30-year U.S. Treasury securities rose to over 1% and 1.6% respectively (and their yield curve remained normal).{{Cite news |last1=Li |first1=Yun |url=https://www.cnbc.com/2020/03/13/treasury-yields-edge-higher-as-markets-look-to-stabilize-after-historic-sell-off.html |title=10-year Treasury yield jumps above 1% after clarity on government response to coronavirus |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313223258/https://www.cnbc.com/2020/03/13/treasury-yields-edge-higher-as-markets-look-to-stabilize-after-historic-sell-off.html |archive-date=13 March 2020 |publisher=CNBC |last2=Smith |first2=Elliot}} The Índice Bovespa of the Brazil Stock Exchange closed 13% up.{{Cite news |last=McGeever |first=Jamie |url=https://www.reuters.com/article/brazil-markets/update-3-brazil-stocks-jump-13-in-biggest-daily-gain-since-2008-but-slump-on-week-idUSL1N2B60K4 |title=UPDATE 3-Brazil stocks jump 13% in biggest daily gain since 2008, but slump on week |date=13 March 2020 |work=Reuters |access-date=13 March 2020 }} U.S. President Donald Trump declared the COVID-19 pandemic to be a national public health emergency thus releasing $50 billion in government spending directed to pandemic countermeasures.{{Cite news |last1=Mangan |first1=Dan |url=https://www.cnbc.com/2020/03/13/trump-will-hold-a-press-conference-at-3-pm-et-to-discuss-coronavirus-response.html |title=Trump declares national emergency over coronavirus |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313165647/https://www.cnbc.com/2020/03/13/trump-will-hold-a-press-conference-at-3-pm-et-to-discuss-coronavirus-response.html |archive-date=13 March 2020 |publisher=CNBC |last2=Wilkie |first2=Christina}}

Speaker of the U.S. House of Representatives Nancy Pelosi stated that the U.S. House of Representatives would pass a subsequent appropriations and pandemic countermeasures bill including a sick leave expansion,{{Cite news |last=Pramuk |first=Jacob |url=https://www.cnbc.com/2020/03/13/pelosi-vows-to-pass-coronavirus-bill-amid-talks-with-mnuchin.html |title=Trump indicates he opposes House coronavirus plan as Pelosi vows to pass it |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313184052/https://www.cnbc.com/2020/03/13/pelosi-vows-to-pass-coronavirus-bill-amid-talks-with-mnuchin.html |archive-date=13 March 2020 |publisher=CNBC}} which President Trump reversed his initial opposition to and endorsed.{{Cite news |last=Pramuk |first=Jacob |url=https://www.cnbc.com/2020/03/13/coronavirus-outbreak-pelosi-and-trump-administration-reach-deal.html |title=Trump urges Republicans to back Pelosi and Mnuchin's coronavirus response deal |date=13 March 2020 |url-status=live |archive-url=https://web.archive.org/web/20200313222241/https://www.cnbc.com/2020/03/13/coronavirus-outbreak-pelosi-and-trump-administration-reach-deal.html |archive-date=13 March 2020 |publisher=CNBC}} Canadian Prime Minister Justin Trudeau announced that the Government of Canada was preparing a fiscal stimulus program,{{Cite news |last1=Russell |first1=Andrew |url=https://globalnews.ca/news/6672830/coronavirus-trudeau-economic-aid-package/ |title=Coronavirus: Trudeau announces economic aid package to help Canadians amid outbreak |date=13 March 2020 |work=Global News |access-date=15 March 2020 |publisher=Global Television Network |last2=Connolly |first2=Amanda}} with Canadian Finance Minister Bill Morneau stating that it would include a C$10 billion business credit-line.{{Cite news |last=Tasker |first=John Paul |url=https://www.cbc.ca/news/politics/covid-19-fiscal-package-1.5496928 |title=Ottawa announces $10 billion business credit line, plans to roll out stimulus package as COVID-19 spreads |date=13 March 2020 |access-date=15 March 2020 |publisher=Canadian Broadcasting Corporation }} The Bank of Canada announced an additional 50 basis point cut to its overnight rate.{{Cite news |last=Johnson |first=Kelsey |url=https://www.reuters.com/article/us-canada-cenbank/bank-of-canada-makes-surprise-50-basis-point-cut-says-ready-to-do-more-idUSKBN2102ZC |title=Bank of Canada makes surprise 50-basis-point cut, says ready to do more |date=13 March 2020 |work=Reuters |url-status=live |archive-url=https://web.archive.org/web/20200313202513/https://www.reuters.com/article/us-canada-cenbank/bank-of-canada-makes-surprise-50-basis-point-cut-says-ready-to-do-more-idUSKBN2102ZC |archive-date=13 March 2020 }} The People's Bank of China announced that it would reduce its reserve requirement by 50 to 100 basis points from the current 12.5%, releasing $79 billion into the money supply.{{Cite news |last1=Chen |first1=Yawen |url=https://www.reuters.com/article/us-china-economy-rrr-cut/china-cuts-reserve-ratios-for-some-banks-pumps-out-79-billion-to-spur-virus-hit-economy-idUSKBN2101B3 |title=China pumps $79 billion into economy with bank cash reserve cut |date=13 March 2020 |work=Reuters |url-status=live |archive-url=https://web.archive.org/web/20200313105508/https://www.reuters.com/article/us-china-economy-rrr-cut/china-cuts-reserve-ratios-for-some-banks-pumps-out-79-billion-to-spur-virus-hit-economy-idUSKBN2101B3 |archive-date=13 March 2020 |last2=Yao |first2=Kevin}} The Bank of Japan announced ¥200 billion (or $1.9 billion) of open market purchases of government bonds.{{Cite news |last1=White |first1=Stanley |url=https://www.reuters.com/article/us-health-coronavirus-liquidity/central-banks-flash-the-cash-as-market-panic-drives-liquidity-squeeze-idUSKBN210174 |title=Central banks flash the cash as market panic drives liquidity squeeze |date=13 March 2020 |work=Reuters |url-status=live |archive-url=https://web.archive.org/web/20200313133559/https://www.reuters.com/article/us-health-coronavirus-liquidity/central-banks-flash-the-cash-as-market-panic-drives-liquidity-squeeze-idUSKBN210174 |archive-date=13 March 2020 |last2=Solsvik |first2=Terje |last3=Marte |first3=Jonnelle}}

The Bank of Canada announced C$7.5 billion of open market purchases.{{Cite news |url=https://www.reuters.com/article/canada-cenbank/update-2-bank-of-canada-says-it-will-provide-more-liquidity-for-markets-idUSL1N2B5386 |title=UPDATE 2-Bank of Canada says it will provide more liquidity for markets |date=13 March 2020 |work=Reuters |access-date=13 March 2020 }}{{Cite news |last=Vieira |first=Paul |url=https://www.marketwatch.com/story/bank-of-canada-expands-liquidity-programs-2020-03-12?mod=us-markets |title=Bank of Canada expands liquidity programs |date=13 March 2020 |access-date=13 March 2020 |website=MarketWatch}} The Brazilian Finance Ministry announced that it was cancelling a series of bond auctions for the upcoming week.{{Cite news |url=https://www.reuters.com/article/brazil-treasury-bonds/brazils-treasury-cancels-bond-auctions-scheduled-for-next-week-idUSS8N2970FI |title=Brazil's Treasury cancels bond auctions scheduled for next week |date=13 March 2020 |work=Reuters |url-status=live |archive-url=https://web.archive.org/web/20200314030504/https://www.reuters.com/article/brazil-treasury-bonds/brazils-treasury-cancels-bond-auctions-scheduled-for-next-week-idUSS8N2970FI |archive-date=14 March 2020 }} The Central Bank of Russia announced that it would purchase at auction ₽500 billion (or $6.8 billion) in repurchase agreements.{{Cite news |url=https://www.reuters.com/article/russia-cenbank-liquidity/russias-cbank-says-will-hold-repo-auction-on-friday-to-support-liquidity-idUSR4N2AZ011 |title=Russia's c.bank says will hold repo auction on Friday to support liquidity |date=13 March 2020 |work=Reuters |access-date=13 March 2020 }} The Central Bank of the Republic of Turkey conducted ₺29 billion (or $4.6 billion) in open market repurchases of government bonds.{{Cite news |url=https://www.hurriyetdailynews.com/central-bank-injects-4-6-bln-into-market-152952 |title=Central Bank injects $4.6 bln into market |date=13 March 2020 |work=Hürriyet Daily News |access-date=15 March 2020 |publisher=Doğan Media Group}} Bank Indonesia conducted Rp6 trillion (or $405 billion) of open market purchases of government bonds,{{Cite news |url=https://in.reuters.com/article/health-coronavirus-indonesia-cenbank/indonesia-cbank-buys-405-mln-of-govt-bonds-may-hold-another-auction-official-idINJ9N2AX00C |archive-url=https://web.archive.org/web/20200323171441/https://in.reuters.com/article/health-coronavirus-indonesia-cenbank/indonesia-cbank-buys-405-mln-of-govt-bonds-may-hold-another-auction-official-idINJ9N2AX00C |url-status=dead |archive-date=23 March 2020 |title=Indonesia c.bank buys $405 mln of govt bonds, may hold another auction -official |date=13 March 2020 |work=Reuters |access-date=15 March 2020 }} while Indonesian Finance Minister Sri Mulyani announced Rp120 trillion ($8.1 billion) in additional fiscal stimulus.{{Cite news |last=Akhlas |first=Adrian Wail |url=https://www.thejakartapost.com/news/2020/03/13/government-allocates-8b-to-stimulate-economy-as-businesses-workers-suffer-from-covid-19-impacts.html |title=Government allocates $8b to stimulate economy as businesses, workers suffer from COVID-19 impacts |date=13 March 2020 |work=The Jakarta Post |access-date=16 March 2020 |publisher=PT Niskala Media Tenggara}}

Over the preceding weekend, the Saudi Arabian Monetary Authority announced a $13 billion credit-line package to small and medium-sized companies,{{Cite news |url=https://gulfnews.com/business/coronavirus-saudi-central-bank-announces-50-billion-riyal-package-1.1584209042418 |title=Coronavirus: Saudi Central Bank announces 50 billion riyal package |date=14 March 2020 |work=Gulf News |access-date=15 March 2020 |publisher=Al Nisr Publishing}} while South African President Cyril Ramaphosa announced a fiscal stimulus package.{{Cite news|last1=Maeko |first1=Thando| title=Ramaphosa pledges Covid-19 economic stimulus package| date=15 March 2020 |work=Mail & Guardian |publisher=M&G Media Ltd| url=https://mg.co.za/article/2020-03-15-ramaphosa-pledges-covid-19-economic-stimulus-package/|access-date=17 March 2020}} The Federal Reserve announced that it would cut the federal funds rate target to 0%–0.25%, lower reserve requirements to zero, and begin a $700 billion quantitative easing program.{{Cite news |last=Liesman |first=Steve |url=https://www.cnbc.com/2020/03/15/federal-reserve-cuts-rates-to-zero-and-launches-massive-700-billion-quantitative-easing-program.html |title=Federal Reserve cuts rates to zero and launches massive $700 billion quantitative easing program |date=15 March 2020 |access-date=15 March 2020 |publisher=CNBC}}{{Cite news |url=https://www.reuters.com/article/us-health-coronavirus-central-banks/fed-cuts-interest-rates-to-near-zero-coordinates-with-other-central-banks-to-combat-coronavirus-idUSKBN21219K |title=Fed cuts interest rates to near zero, coordinates with other central banks to combat coronavirus |date=15 March 2020 |work=Reuters |access-date=15 March 2020 }}{{Cite web |url=https://www.federalreserve.gov/monetarypolicy/files/monetary20200315a1.pdf |title=Federal Reserve issues FOMC statement |date=15 March 2020 |publisher=Federal Reserve Board |access-date=17 March 2020}}

Dow futures tumbled more than 1,000 points and Standard & Poor's 500 futures dropped 5%, triggering a circuit breaker.{{Cite web|url=https://www.usatoday.com/story/money/2020/03/15/dow-futures-plunge-800-points-after-fed-surprises-markets-and-cuts-rate-zero/5053777002/|title=Stocks poised for plunge Monday as Dow futures drop 1,000 points despite Fed rate cut to zero|last=Menton|first=Jessica|website=USA Today|language=en-US|access-date=16 March 2020|archive-url=https://web.archive.org/web/20200316000421/https://www.usatoday.com/story/money/2020/03/15/dow-futures-plunge-800-points-after-fed-surprises-markets-and-cuts-rate-zero/5053777002/|archive-date=16 March 2020|url-status=live}} On Monday 16 March, Asia-Pacific and European stock markets closed down, with the S&P/ASX 200 setting a one-day record fall of 9.7%, collapsing 30% from the peak that was reached on 20 February,{{Cite news| last=Huang |first=Eustance |url=https://www.cnbc.com/2020/03/16/asia-markets-fed-cut-to-zero-china-industrial-production-coronavirus.html|title=Australia stocks drop nearly 10% as Asia markets tumble; Fed cuts rates to zero|date=16 March 2020|access-date=16 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200316011317/https://www.cnbc.com/2020/03/16/asia-markets-fed-cut-to-zero-china-industrial-production-coronavirus.html |archive-date=16 March 2020| url-status=live}}{{Cite news|last1=Smith| first1=Elliot |url=https://www.cnbc.com/2020/03/16/european-markets-spooked-as-regional-shutdown-widens.html|title=European stocks close down 5%, travel stocks tank 10% as EU proposes flight restrictions|date=16 March 2020|access-date=16 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly|archive-url=https://web.archive.org/web/20200316082009/https://www.cnbc.com/2020/03/16/european-markets-spooked-as-regional-shutdown-widens.html|archive-date=16 March 2020|url-status=live}}{{Cite news|last1=Hutchens|first1=Gareth|url=https://www.abc.net.au/news/2020-03-16/coronavirus-fears-see-australian-market-slump-to-start-new-week/12058904|title=ASX 200 posts biggest fall on record, Reserve Bank flags further measures amid coronavirus fears|date=16 March 2020|access-date=16 March 2020| work=ABC News |last2=Chalmers |first2=Stephanie| language=en-AU |archive-url=https://web.archive.org/web/20200316131240/https://www.abc.net.au/news/2020-03-16/coronavirus-fears-see-australian-market-slump-to-start-new-week/12058904|archive-date=16 March 2020|url-status=live}} and the OMX Copenhagen 25, the OMX Tallinn, and OMX Vilnius on the Nasdaq Nordic exchanges all fell below 20 percent from their most recent peaks on 19 February in Copenhagen and on 21 February in Tallinn and Vilnius.{{cite web|url=https://finance.yahoo.com/quote/%5EOMXC25/|title=OMX Copenhagen 25 Historical Data|website=Yahoo|access-date=14 April 2021}} The Dow Jones Industrial Average, the NASDAQ Composite, and the S&P 500 all fell by 12–13%, with the Dow eclipsing the one-day drop record set on 12 March and the trading curb being activated at the beginning of trading for the third time (after 9 and 12 March).{{Cite news|last=Imbert |first=Fred|url=https://www.cnbc.com/2020/03/15/traders-await-futures-open-after-fed-cuts-rates-launches-easing-program.html|title=Dow drops nearly 3,000 points, as coronavirus collapse continues; worst day since '87|date=16 March 2020| access-date=16 March 2020|publisher=CNBC|language=en|archive-url=https://web.archive.org/web/20200316205041/https://www.cnbc.com/2020/03/15/traders-await-futures-open-after-fed-cuts-rates-launches-easing-program.html|archive-date=16 March 2020 |url-status=live}} Oil prices fell by 10%,{{Cite news| last=Stevens| first=Pippa |url=https://www.cnbc.com/2020/03/16/oil-drops-more-than-6percent-breaking-below-30.html |title=Oil drops nearly 10%, breaking below $29 as demand evaporates| date=16 March 2020 |access-date=16 March 2020| publisher=CNBC| archive-url=https://web.archive.org/web/20200317071536/https://www.cnbc.com/2020/03/16/oil-drops-more-than-6percent-breaking-below-30.html |archive-date=17 March 2020| url-status=live}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 0.76% and 1.38% respectively (while their yield curve remained normal for the third straight trading session).{{Cite news |last1=Li| first1=Yun| url=https://www.cnbc.com/2020/03/16/treasury-yields-fall-after-fed-cuts-rates-to-zero.html |title=10-year Treasury yield falls below 0.8% after Fed's emergency move to cut rates to zero|date=16 March 2020|access-date=16 March 2020| publisher=CNBC|last2=Smith|first2=Elliot|archive-url=https://web.archive.org/web/20200316082207/https://www.cnbc.com/2020/03/16/treasury-yields-fall-after-fed-cuts-rates-to-zero.html|archive-date=16 March 2020|url-status=live}}

The CBOE Volatility Index closed at 82.69 on 16 March, the highest ever closing for the index (though there were higher intraday peaks in 2008).{{Cite news|url=https://www.bloomberg.com/news/articles/2020-03-16/stock-market-volatility-tops-financial-crisis-with-vix-at-record|title=Stock Market Volatility Tops Financial Crisis With VIX at Record|date=16 March 2020 |work=Bloomberg News |access-date=17 March 2020 |language=en|archive-url=https://web.archive.org/web/20200318143931/https://www.bloomberg.com/news/articles/2020-03-16/stock-market-volatility-tops-financial-crisis-with-vix-at-record|archive-date=18 March 2020| url-status=live}}{{Cite web|url=https://www.cnbc.com/2020/03/16/wall-streets-fear-gauge-hits-highest-level-ever.html|title=Wall Street's fear gauge closes at highest level ever, surpassing even financial crisis peak| last=Li |first=Yun|date=16 March 2020|publisher=CNBC|access-date=17 March 2020| archive-url=https://web.archive.org/web/20200317034842/https://www.cnbc.com/2020/03/16/wall-streets-fear-gauge-hits-highest-level-ever.html|archive-date=17 March 2020|url-status=live}} Around noon on 16 March, the Federal Reserve Bank of New York announced that it would conduct a $500 billion repurchase through the afternoon of that day.{{Cite news|last=Cox|first=Jeff|url=https://www.cnbc.com/2020/03/16/fed-says-it-will-offer-an-additional-500-billion-in-overnight-repo-funding-markets.html|title=Fed says it will offer an additional $500 billion in overnight repo funding markets|date=16 March 2020|access-date=16 March 2020|publisher=CNBC|language=en|archive-url=https://web.archive.org/web/20200316165654/https://www.cnbc.com/2020/03/16/fed-says-it-will-offer-an-additional-500-billion-in-overnight-repo-funding-markets.html|archive-date=16 March 2020 |url-status=live}} Indonesian Finance Minister Sri Mulyani announced an additional Rp22 trillion in tax-related fiscal stimulus.{{Cite news |last=Akhlas|first=Adrian Wail|url=https://www.thejakartapost.com/news/2020/03/16/indonesia-deploys-second-stimulus-amid-market-rupiah-routs.html |title=Indonesia deploys second stimulus amid market, rupiah routs| date=16 March 2020|work=The Jakarta Post|access-date=16 March 2020 |publisher=PT Niskala Media Tenggara|archive-url=https://web.archive.org/web/20200317162401/https://www.thejakartapost.com/news/2020/03/16/indonesia-deploys-second-stimulus-amid-market-rupiah-routs.html|archive-date=17 March 2020|url-status=live}} The Central Bank of the Republic of Turkey lowered its reserve requirement from 8% to 6%.{{Cite news|url=https://www.reuters.com/article/turkey-cenbank-remunar/turkish-central-bank-lowers-remuneration-rate-on-required-reserves-bankers-idUSI7N2B400E|title=Turkish central bank lowers remuneration rate on required reserves -bankers|date=16 March 2020|work=Reuters|access-date=16 March 2020|archive-url=https://web.archive.org/web/20200318150059/https://www.reuters.com/article/turkey-cenbank-remunar/turkish-central-bank-lowers-remuneration-rate-on-required-reserves-bankers-idUSI7N2B400E|archive-date=18 March 2020|url-status=live}} The Bank of Japan announced that it would not cut its bank rate lower from −0.1% but that it would conduct more open market purchases of exchange-traded funds.{{Cite news|url=https://www.japantimes.co.jp/news/2020/03/16/business/economy-business/bank-of-japan-policy-meeting/|title=BOJ ramps up risky asset buying as central banks fight coronavirus fallout|date=16 March 2020|work=The Japan Times|access-date=16 March 2020|publisher=News2u Holdings, Inc.|archive-url=https://web.archive.org/web/20200317164142/https://www.japantimes.co.jp/news/2020/03/16/business/economy-business/bank-of-japan-policy-meeting/#.XnAWHS-ZNp8|archive-date=17 March 2020|url-status=live}} After cutting its bank rate by 25 basis points on 7 February,{{Cite news|last=Kollmeyer| first=Barbara|url=https://www.marketwatch.com/story/russian-ruble-falls-as-central-bank-cuts-key-rate-by-25-basis-points-to-6-2020-02-07|title=Russian ruble falls as central bank cuts key rate by 25 basis points to 6%|date=7 February 2020| access-date=5 March 2020| website=MarketWatch}} the Central Bank of Russia announced that it would keep its bank rate at 6%,{{Cite news|last1=Ostroukh|first1=Andrey|url=https://www.reuters.com/article/us-russia-cenbank-rates/russia-seen-holding-key-rate-at-6-on-friday-amid-coronavirus-low-oil-idUSKBN21325V|title=Russia seen holding key rate at 6% on Friday amid coronavirus, low oil|date=16 March 2020|work=Reuters|access-date=16 March 2020|last2=Fabrichnaya|first2=Elena|archive-url=https://web.archive.org/web/20200317110708/https://www.reuters.com/article/us-russia-cenbank-rates/russia-seen-holding-key-rate-at-6-on-friday-amid-coronavirus-low-oil-idUSKBN21325V|archive-date=17 March 2020|url-status=live}} while the Bank of Korea announced that it would cut its overnight rate by 50 basis points to 0.75%.{{Cite news|url=https://www.straitstimes.com/business/banking/bank-of-korea-slashes-rate-in-emergency-move-after-us-fed-cut|title=Bank of Korea slashes rate in emergency move after US Fed cut|date=16 March 2020|work=The Straits Times |access-date=16 March 2020| archive-url=https://web.archive.org/web/20200317080740/https://www.straitstimes.com/business/banking/bank-of-korea-slashes-rate-in-emergency-move-after-us-fed-cut|archive-date=17 March 2020|url-status=live}} The Central Bank of Chile cut its benchmark rate.{{Cite news|last1=Sanyal|first1=Shreyashi|url=https://www.reuters.com/article/emerging-markets-latam/emerging-markets-latam-fx-caught-in-virus-driven-rout-chile-central-bank-cuts-rates-idUSL1N2B94N9|title=EMERGING MARKETS-Latam FX caught in virus-driven rout; Chile central bank cuts rates|date=16 March 2020|work=Reuters|access-date=17 March 2020|archive-url=https://web.archive.org/web/20200316193927/https://www.reuters.com/article/emerging-markets-latam/emerging-markets-latam-fx-caught-in-virus-driven-rout-chile-central-bank-cuts-rates-idUSL1N2B94N9|archive-date=16 March 2020|url-status=live}}{{Cite news|last1=Menon|first1=Praveen|title=New Zealand central bank slashes rates at emergency meeting as coronavirus worsens|date=15 March 2020|work=Reuters|url=https://www.reuters.com/article/us-newzealand-economy-rbnz/new-zealand-central-bank-slashes-rates-at-emergency-meeting-as-coronavirus-worsens-idUSKBN2121FG|access-date=30 March 2020}}{{Cite news|last1=Komuves|first1=Anita|last2=Hovet|first2=Jason|title=UPDATE 2-CEE MARKETS-Assets fall even as central banks act to fight virus impact|date=16 March 2020|work=Reuters|url=https://www.reuters.com/article/easteurope-markets/update-2-cee-markets-assets-fall-even-as-central-banks-act-to-fight-virus-impact-idUSL8N2B9552|access-date=31 March 2020}}

On 17 March, Asia-Pacific stock markets closed with mixed finishes, while European stock markets finished more than 2% up,{{Cite news|last=Huang|first=Eustance|url=https://www.cnbc.com/2020/03/17/asia-markets-wall-street-sell-off-coronavirus-currencies-in-focus.html|title=Stocks in Australia surge almost 6% with Asia markets mixed; Philippines suspends trading|date=17 March 2020|access-date=17 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200317060634/https://www.cnbc.com/2020/03/17/asia-markets-wall-street-sell-off-coronavirus-currencies-in-focus.html|archive-date=17 March 2020|url-status=live}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/17/european-markets-focus-on-coronavirus.html|title=European stocks close 2.2% higher after a day of choppy trading; travel sector slides 6%|date=17 March 2020|access-date=17 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly|archive-url=https://web.archive.org/web/20200317064141/https://www.cnbc.com/2020/03/17/european-markets-focus-on-coronavirus.html|archive-date=17 March 2020|url-status=live}} whereas the NASDAQ Composite and the S&P 500 finished more than 6% up and the Dow Jones Industrial Average finished more than 5% up.{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/16/us-stock-futures-rise-slightly-following-dows-third-worst-day-ever.html|title=Dow rebounds more than 1,000 points as Trump seeks $1 trillion in stimulus for coronavirus fight|date=17 March 2020|access-date=17 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200317000226/https://www.cnbc.com/2020/03/16/us-stock-futures-rise-slightly-following-dows-third-worst-day-ever.html|archive-date=17 March 2020|url-status=live}} Oil prices fell by 6%,{{Cite news|url=https://www.cnbc.com/2020/03/17/oil-markets-coronavirus-pandemic-in-focus.html|title=Oil drops 6% breaking below $27 as recession fears, pump war weigh|date=17 March 2020|access-date=17 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200317200836/https://www.cnbc.com/2020/03/17/oil-markets-coronavirus-pandemic-in-focus.html|archive-date=17 March 2020|url-status=live}} while the yields on 10-year and 30-year U.S. Treasury securities rose to 1.04% and 1.62% respectively.{{Cite news|last1=Li|first1=Yun|url=https://www.cnbc.com/2020/03/17/treasury-yields-rise-as-stocks-search-for-modest-recovery-after-mondays-crash.html|title=10-year Treasury yield rebounds above 1% as White House seeks a possible $1 trillion stimulus|date=17 March 2020|access-date=17 March 2020|publisher=CNBC|last2=Smith|first2=Elliot|archive-url=https://web.archive.org/web/20200317200837/https://www.cnbc.com/2020/03/17/treasury-yields-rise-as-stocks-search-for-modest-recovery-after-mondays-crash.html|archive-date=17 March 2020|url-status=live}} The Federal Reserve announced that it would reestablish its Commercial Paper Funding Facility (CPFF) with up to $1 trillion for short-term corporate bonds,{{Cite news|last1=Cox|first1=Jeff|url=https://www.cnbc.com/2020/03/17/fed-announces-move-to-help-businesses-get-short-term-funding-in-commercial-paper-market.html|title=Fed will help businesses get up to $1 trillion in funding in the short-term borrowing markets amid coronavirus crisis|date=17 March 2020|access-date=17 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200317194732/https://www.cnbc.com/2020/03/17/fed-announces-move-to-help-businesses-get-short-term-funding-in-commercial-paper-market.html|archive-date=17 March 2020|url-status=live}} while Chancellor of the Exchequer Rishi Sunak announced a £330 billion government-backed business loan guarantee program.{{Cite news|last1=Ellyatt|first1=Holly|url=https://www.cnbc.com/2020/03/17/uk-announces-massive-aid-package-for-coronavirus-hit-industries.html|title='Whatever it takes': UK pledges almost $400 billion to help businesses through coronavirus|date=17 March 2020|access-date=17 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200317203252/https://www.cnbc.com/2020/03/17/uk-announces-massive-aid-package-for-coronavirus-hit-industries.html|archive-date=17 March 2020|url-status=live}} The Central Bank of the Republic of Turkey announced that it would cut its repo rate by 100 basis points from 10.75% to 9.75%,{{Cite news|last1=Kucukgocmen|first1=Ali|url=https://www.reuters.com/article/turkey-cenbank-rates/update-3-turkish-central-bank-moves-early-with-100-basis-point-rate-cut-idUSL8N2BA4CX|title=UPDATE 3-Turkish central bank moves early with 100-basis-point rate cut|date=17 March 2020|work=Reuters|access-date=17 March 2020|last2=Butler|first2=Daren|archive-url=https://web.archive.org/web/20200317153238/https://www.reuters.com/article/turkey-cenbank-rates/update-3-turkish-central-bank-moves-early-with-100-basis-point-rate-cut-idUSL8N2BA4CX|archive-date=17 March 2020|url-status=live}} while providing the Turkish lira repo auctions at 150 basis points lower than its benchmark repo rate.{{Cite news|url=https://www.reuters.com/article/turkey-cenbank-measures/turkish-central-bank-opens-gates-to-cheap-lira-liquidity-idUSI7N2B4013|title=Turkish central bank opens gates to cheap lira liquidity|date=17 March 2020|work=Reuters|access-date=17 March 2020|archive-url=https://web.archive.org/web/20200317203255/https://www.reuters.com/article/turkey-cenbank-measures/turkish-central-bank-opens-gates-to-cheap-lira-liquidity-idUSI7N2B4013|archive-date=17 March 2020|url-status=live}} The Bank of Israel announced that it would cut its bank rate by 15 basis points to 0.10%.{{Cite news|last=Levingston|first=Ivan|title=Bank of Israel Plays Down Rate Cut and Keeps Focus on Market|date=17 March 2020|publisher=Yahoo! Finance|url=https://finance.yahoo.com/news/bank-israel-plays-down-rate-141918261.html|access-date=1 April 2020}}

The Bank of Japan conducted ¥120 billion in open market purchases of exchange-traded funds.{{Cite news|url=https://uk.reuters.com/article/uk-japan-stocks-boj/bank-of-japan-buys-a-record-high-120-billion-yen-in-etfs-after-policy-move-idUKKBN21416H?il=0|title=Bank of Japan buys a record high 120 billion yen in ETFs after policy move|date=17 March 2020|work=Reuters|access-date=17 March 2020|archive-url=https://web.archive.org/web/20200323170932/https://uk.reuters.com/article/uk-japan-stocks-boj/bank-of-japan-buys-a-record-high-120-billion-yen-in-etfs-after-policy-move-idUKKBN21416H?il=0|archive-date=23 March 2020|url-status=dead}} Spanish Prime Minister Pedro Sánchez and French President Emmanuel Macron announced €200 billion and €45 billion ($220 billion and $50 billion) fiscal stimulus programs respectively,{{Cite news|last1=Warrick|first1=Ambar|url=https://www.reuters.com/article/europe-stocks/update-2-spanish-stimulus-helps-european-stocks-end-seesaw-session-higher-idUSL4N2BA2II|title=UPDATE 2-Spanish stimulus helps European stocks end seesaw session higher|date=17 March 2020|work=Reuters|access-date=18 March 2020|last2=Jaisinghani|first2=Sagarika|archive-url=https://web.archive.org/web/20200318101837/https://www.reuters.com/article/europe-stocks/update-2-spanish-stimulus-helps-european-stocks-end-seesaw-session-higher-idUSL4N2BA2II|archive-date=18 March 2020|url-status=live}}{{Cite news|last1=Amaro|first1=Silvia|url=https://www.cnbc.com/2020/03/17/coronavirus-france-president-macron-warns-we-are-at-war.html|title=Macron warns 'we are at war' as France unveils $50 billion in coronavirus measures|date=17 March 2020|access-date=19 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200318233725/https://www.cnbc.com/2020/03/17/coronavirus-france-president-macron-warns-we-are-at-war.html|archive-date=18 March 2020|url-status=live}} while Canadian Prime Minister Justin Trudeau released the Canadian federal government's C$82 billion ($56.7 billion) fiscal stimulus package he announced the previous week.{{cite news|last1=Bolongaro|first1=Kait|url=https://business.financialpost.com/news/economy/trudeau-expects-to-unveil-fiscal-stimulus-package-on-wednesday?video_autoplay=true|title=Trudeau unveils financial aid worth $82 billion to help Canadians weather coronavirus|date=17 March 2020|work=Financial Post|access-date=20 March 2020|publisher=Postmedia Network|last2=Argitis|first2=Theophilos|archive-url=https://web.archive.org/web/20200323165643/https://business.financialpost.com/news/economy/trudeau-expects-to-unveil-fiscal-stimulus-package-on-wednesday?video_autoplay=true|archive-date=23 March 2020|url-status=live}} New Zealand Finance Minister Grant Robertson also announced a NZ$12.1 billion fiscal stimulus program.{{Cite news| last=Graham-McLay|first=Charlotte|title=New Zealand launches massive spending package to combat Covid-19|date=17 March 2020|work=The Guardian|url=https://www.theguardian.com/world/2020/mar/17/new-zealand-launches-massive-spending-package-to-combat-covid-19|access-date=30 March 2020}} The National Bank of Poland announced that it would cut its reference rate by 50 basis points to 1%, its lombard rate by 100 basis points to 1.5%, its bank rate by 70 basis points to 1.05%, and cut its reserve requirement from 3.5% to 0.5%.{{cite news|title=Poland Cuts Key Rate, Reserve Ratio To Cushion Covid-19 Impact|date=17 March 2020|website=Business Insider|publisher=Axel Springer SE|url=https://markets.businessinsider.com/news/interestrates/poland-cuts-key-rate-reserve-ratio-to-cushion-covid-19-impact-1029005216|access-date=31 March 2020}}

On 18 March, Asia-Pacific and European stock markets closed down,{{Cite news|last1=Huang|first1=Eustance|url=https://www.cnbc.com/2020/03/18/asia-markets-stimulus-hopes-coronavirus-currencies-in-focus.html|title=Australia stocks plunge more than 6% as Asia markets fall|date=18 March 2020|access-date=18 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200318065339/https://www.cnbc.com/2020/03/18/asia-markets-stimulus-hopes-coronavirus-currencies-in-focus.html|archive-date=18 March 2020|url-status=live}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/18/european-markets-react-to-multi-billion-dollar-stimulus-pledges.html|title=European shares close 4% lower despite multi-billion dollar stimulus pledges; oil stocks down 10%|date=18 March 2020|access-date=18 March 2020|publisher=CNBC|last2=Ellyatt|first2=Holly|archive-url=https://web.archive.org/web/20200318065432/https://www.cnbc.com/2020/03/18/european-markets-react-to-multi-billion-dollar-stimulus-pledges.html|archive-date=18 March 2020|url-status=live}} while the NASDAQ Composite and the S&P 500 both fell by 5%, and the Dow Jones Industrial Average by more than 6% and below 20,000 points for the first time since February 2017 (with the trading curb activated for the fourth time within the course of a week).{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/17/stock-futures-fall-slightly-after-market-rebounds-on-hopes-for-1-trillion-stimulus.html|title=Dow drops 1,300 points, S&P 500 loses 5% as coronavirus market sell-off reaches new low|date=18 March 2020|access-date=18 March 2020|publisher=CNBC|last2=Li|first2=Yun|archive-url=https://web.archive.org/web/20200318000304/https://www.cnbc.com/2020/03/17/stock-futures-fall-slightly-after-market-rebounds-on-hopes-for-1-trillion-stimulus.html|archive-date=18 March 2020|url-status=live}} Oil prices fell by 24% to an 18-year low,{{Cite news|last1=Stevens|first1=Pippa|url=https://www.cnbc.com/2020/03/18/oil-plummets-to-near-18-year-low-on-pace-for-worst-month-ever.html|title=Oil falls 24% in 3rd worst day on record, sinks to more than 18-year low|date=18 March 2020|access-date=18 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200318170137/https://www.cnbc.com/2020/03/18/oil-plummets-to-near-18-year-low-on-pace-for-worst-month-ever.html|archive-date=18 March 2020|url-status=live}} while the yields on 10-year and 30-year U.S. Treasury securities rose to 1.23% and 1.68% respectively (while their yield curve remained normal).{{Cite news|last1=Franck|first1=Thomas|url=https://www.cnbc.com/2020/03/18/treasury-yields-inch-higher-as-stimulus-hopes-lift-markets.html|title=Rates reverse higher rapidly on growing costs to combat crisis, 10-year Treasury yield hits 1.2%|date=18 March 2020|access-date=18 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200318070411/https://www.cnbc.com/2020/03/18/treasury-yields-inch-higher-as-stimulus-hopes-lift-markets.html|archive-date=18 March 2020|url-status=live}} U.S. Senate Majority Leader Mitch McConnell stated that he expected the $100 billion appropriations and pandemic countermeasures bill passed by the U.S. House of Representatives the previous Friday to pass the U.S. Senate that day,{{Cite news|url=https://www.reuters.com/article/health-coronavirus-usa-senate/u-s-senate-to-pass-coronavirus-bill-stay-to-work-on-more-aid-mcconnell-idUSW1N26N02P|title=U.S. Senate to pass coronavirus bill, stay to work on more aid -McConnell|date=18 March 2020|work=Reuters|access-date=18 March 2020|archive-url=https://web.archive.org/web/20200318151443/https://www.reuters.com/article/health-coronavirus-usa-senate/u-s-senate-to-pass-coronavirus-bill-stay-to-work-on-more-aid-mcconnell-idUSW1N26N02P|archive-date=18 March 2020|url-status=live}} which it did by a vote of 90 to 8 and President Donald Trump signed the bill into law.{{Cite news|last1=Dzhanova|first1=Yelena|url=https://www.cnbc.com/2020/03/18/coronavirus-updates-senate-passes-paid-leave-relief-bill.html|title=President Trump signs coronavirus relief plan to expand paid leave|date=18 March 2020|access-date=18 March 2020|publisher=CNBC|last2=Pramuk|first2=Jacob|archive-url=https://web.archive.org/web/20200318201026/https://www.cnbc.com/2020/03/18/coronavirus-updates-senate-passes-paid-leave-relief-bill.html|archive-date=18 March 2020|url-status=live}}

The European Central Bank announced that it would purchase up to €750 billion ($820 billion) of government and corporate bonds and commercial paper.{{cite news|url=https://www.marketwatch.com/story/european-central-bank-announces-massive-stimulus-plan-to-calm-markets-2020-03-18|title=European Central Bank announces massive stimulus plan to calm markets|date=18 March 2020|access-date=18 March 2020|website=MarketWatch|archive-url=https://web.archive.org/web/20200319003843/https://www.marketwatch.com/story/european-central-bank-announces-massive-stimulus-plan-to-calm-markets-2020-03-18|archive-date=19 March 2020|url-status=live}} The Central Bank of Brazil cut its overnight rate by 50 basis points to a record-low 3.75% and sold $830 million in foreign exchange spots,{{Cite news|last=McGeever|first=Jamie|url=https://www.reuters.com/article/brazil-economy-rates/update-1-brazil-cuts-rates-pledges-full-arsenal-in-coronavirus-fight-idUSL1N2BB2XO|title=UPDATE 1-Brazil cuts rates, pledges full arsenal in coronavirus fight|date=18 March 2020|work=Reuters|access-date=18 March 2020|archive-url=https://web.archive.org/web/20200318214502/https://www.reuters.com/article/brazil-economy-rates/update-1-brazil-cuts-rates-pledges-full-arsenal-in-coronavirus-fight-idUSL1N2BB2XO|archive-date=18 March 2020|url-status=live}}{{Cite news|last=McGeever|first=Jamie|url=https://www.reuters.com/article/brazil-markets-intervention/update-3-brazil-central-bank-wades-into-fx-bond-markets-but-real-slump-accelerates-idUSL1N2BB0U6|title=UPDATE 3-Brazil central bank wades into FX, bond markets but real slump accelerates|date=18 March 2020|work=Reuters|access-date=18 March 2020|archive-url=https://web.archive.org/web/20200319001145/https://www.reuters.com/article/brazil-markets-intervention/update-3-brazil-central-bank-wades-into-fx-bond-markets-but-real-slump-accelerates-idUSL1N2BB0U6|archive-date=19 March 2020|url-status=live}} while the Reserve Bank of Australia cut its official cash rate to 0.25%.{{cite news|last1=Khadem|first1=Nassim|url=https://www.abc.net.au/news/2020-03-19/rba-cuts-interest-rates-coronavirus-covid-19/12070494|title=RBA slashes interest rates to 0.25pc in emergency cut amid coronavirus pandemic|date=18 March 2020|access-date=20 March 2020|work=ABC News|archive-url=https://web.archive.org/web/20200319152200/https://www.abc.net.au/news/2020-03-19/rba-cuts-interest-rates-coronavirus-covid-19/12070494|archive-date=19 March 2020|url-status=live}} The Reserve Bank of India announced that it would conduct $1.35 billion in open market purchases of government bonds,{{cite news|url=https://timesofindia.indiatimes.com/business/india-business/rbi-to-buy-government-bonds-in-open-markets-to-boost-liquidity/articleshow/74696647.cms|title=RBI to buy government bonds in open markets to boost liquidity|date=18 March 2020|work=The Times of India|access-date=20 March 2020|publisher=The Times Group|archive-url=https://web.archive.org/web/20200319172939/https://timesofindia.indiatimes.com/business/india-business/rbi-to-buy-government-bonds-in-open-markets-to-boost-liquidity/articleshow/74696647.cms|archive-date=19 March 2020|url-status=live}} the Bank of Korea announced that it would conduct a ₩1 trillion ($793.5 million) repo auction the following day,{{Cite news|url=https://www.reuters.com/article/southkorea-economy-cenbank/s-korea-c-bank-to-conduct-1-trln-won-repo-operation-on-thursday-idUSS6N2AQ01C|title=S.Korea c.bank to conduct 1 trln won repo operation on Thursday|date=18 March 2020|work=Reuters|access-date=18 March 2020|archive-url=https://web.archive.org/web/20200318202414/https://www.reuters.com/article/southkorea-economy-cenbank/s-korea-c-bank-to-conduct-1-trln-won-repo-operation-on-thursday-idUSS6N2AQ01C|archive-date=18 March 2020|url-status=live}} and the National Bank of Poland announced that it would conduct open market purchases of government bonds to support fiscal stimulus implemented by the Polish government.{{Cite news|url=https://www.reuters.com/article/health-coronavirus-cbank/polish-c-bank-plans-bond-buy-auction-for-thurs-idUSW8N2AY004|title=Polish c.bank plans bond buy auction for Thurs|date=18 March 2020|work=Reuters|access-date=18 March 2020|archive-url=https://web.archive.org/web/20200318202418/https://www.reuters.com/article/health-coronavirus-cbank/polish-c-bank-plans-bond-buy-auction-for-thurs-idUSW8N2AY004|archive-date=18 March 2020|url-status=live}} The New York Stock Exchange announced that it would temporarily close its trading floor and move to all-electronic trading beginning on 23 March when two traders tested positive for COVID-19 at screenings set up by the NYSE.{{Cite news|last1=Li|first1=Yun|url=https://www.cnbc.com/2020/03/18/nyse-to-temporarily-close-trading-floor-move-to-electronic-trading-because-of-coronavirus.html|title=NYSE to temporarily close floor, move to electronic trading after positive coronavirus tests|date=18 March 2020|access-date=18 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200318210041/https://www.cnbc.com/2020/03/18/nyse-to-temporarily-close-trading-floor-move-to-electronic-trading-because-of-coronavirus.html|archive-date=18 March 2020|url-status=live}}

On 19 March, Asia-Pacific stock markets closed down while European stock markets closed 3% up,{{Cite news|last1=Huang|first1=Eustance|url=https://www.cnbc.com/2020/03/19/asia-markets-coronavirus-stimulus-measures-currencies-in-focus.html|title=South Korea stocks drop more than 8% after earlier halt; Softbank shares plunge|date=19 March 2020|access-date=19 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200319085308/https://www.cnbc.com/2020/03/19/asia-markets-coronavirus-stimulus-measures-currencies-in-focus.html|archive-date=19 March 2020|url-status=live}}{{Cite news|last1=Ellyatt|first1=Holly|url=https://www.cnbc.com/2020/03/19/european-markets-shun-ecb-stimulus-package-and-head-for-lower-open.html|title=European shares close 3% higher in rocky session after ECB, BOE stimulus|date=19 March 2020|access-date=19 March 2020|publisher=CNBC|last2=Smith|first2=Elliot|archive-url=https://web.archive.org/web/20200319084731/https://www.cnbc.com/2020/03/19/european-markets-shun-ecb-stimulus-package-and-head-for-lower-open.html|archive-date=19 March 2020|url-status=live}} while the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 also all closed up.{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/18/dow-futures-open-175-points-lower-amid-wall-street-equity-rout.html|title=Dow rises more than 100 points in rebound from 3-year low, tech and energy shares lead|date=19 March 2020|access-date=19 March 2020|publisher=CNBC|last2=Franck|first2=Thomas|archive-url=https://web.archive.org/web/20200318231518/https://www.cnbc.com/2020/03/18/dow-futures-open-175-points-lower-amid-wall-street-equity-rout.html|archive-date=18 March 2020|url-status=live}} Oil prices rose by 23%,{{Cite news|last1=Stevens|first1=Pippa|url=https://www.cnbc.com/2020/03/19/oil-surges-21percent-on-track-for-best-day-ever-rebounding-from-wednesdays-steep-losses.html|title=Oil surges 23% to post best day ever, rebounding from Wednesday's steep losses|date=19 March 2020|access-date=19 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200319203543/https://www.cnbc.com/2020/03/19/oil-surges-21percent-on-track-for-best-day-ever-rebounding-from-wednesdays-steep-losses.html|archive-date=19 March 2020|url-status=live}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 1.06% and 1.68% respectively (while their yield curve remained normal).{{Cite news|last1=Li|first1=Yun|url=https://www.cnbc.com/2020/03/19/treasury-yields-edge-lower-after-jump-on-federal-stimulus-package.html|title=10-year Treasury yield falls to 1.1% after global central banks step up easing measures|date=19 March 2020|access-date=19 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200319081500/https://www.cnbc.com/2020/03/19/treasury-yields-edge-lower-after-jump-on-federal-stimulus-package.html|archive-date=19 March 2020|url-status=live}} The Federal Reserve announced $450 billion in foreign exchange swap lines to the central banks of Australia, Brazil, South Korea, Mexico, Singapore, Sweden, Denmark, Norway and New Zealand,{{Cite news|last1=Schneider|first1=Howard|url=https://www.reuters.com/article/us-health-coronavirus-fed-swaps/fed-opens-dollar-swap-lines-for-nine-additional-foreign-central-banks-idUSKBN2162AX|title=Fed opens dollar swap lines for nine additional foreign central banks|date=19 March 2020|work=Reuters|access-date=19 March 2020|last2=Dunsmuir|first2=Lindsay|archive-url=https://web.archive.org/web/20200319203451/https://www.reuters.com/article/us-health-coronavirus-fed-swaps/fed-opens-dollar-swap-lines-for-nine-additional-foreign-central-banks-idUSKBN2162AX|archive-date=19 March 2020|url-status=live}} with the swap lines for the Central Bank of Brazil, the Monetary Authority of Singapore, and the Bank of Korea amounting to $60 billion each.{{Cite news|url=https://www.reuters.com/article/brazil-forex-fed/brazil-central-bank-says-60-bln-fx-swap-line-with-fed-has-no-policy-conditionality-idUSS8N2970FK|title=Brazil central bank says $60 bln FX swap line with Fed has no policy conditionality|date=19 March 2020|work=Reuters|access-date=19 March 2020|archive-url=https://web.archive.org/web/20200319180325/https://www.reuters.com/article/brazil-forex-fed/brazil-central-bank-says-60-bln-fx-swap-line-with-fed-has-no-policy-conditionality-idUSS8N2970FK|archive-date=19 March 2020|url-status=live}}{{Cite news|url=https://www.reuters.com/article/singapore-cenbank/singapore-central-bank-sets-up-60-bln-swap-facility-with-fed-idUSS7N27R01O|title=Singapore central bank sets up $60 bln swap facility with Fed|date=19 March 2020|work=Reuters|access-date=19 March 2020|archive-url=https://web.archive.org/web/20200319203241/https://www.reuters.com/article/singapore-cenbank/singapore-central-bank-sets-up-60-bln-swap-facility-with-fed-idUSS7N27R01O|archive-date=19 March 2020|url-status=live}}{{Cite news|last1=Roh|first1=Joori|url=https://www.reuters.com/article/health-coronavirus-southkorea-cenbank/update-1-bank-of-korea-to-inject-dollars-to-onshore-markets-via-currency-swap-with-fed-idUSL4N2BC4A8|title=UPDATE 1-Bank of Korea to inject dollars to onshore markets via currency swap with Fed|date=19 March 2020|work=Reuters|access-date=19 March 2020|last2=Kim|first2=Cynthia|archive-url=https://web.archive.org/web/20200319203453/https://www.reuters.com/article/health-coronavirus-southkorea-cenbank/update-1-bank-of-korea-to-inject-dollars-to-onshore-markets-via-currency-swap-with-fed-idUSL4N2BC4A8|archive-date=19 March 2020|url-status=live}} The Federal Reserve also established an additional lending facility similar to the CPFF for money market mutual funds.{{cite news|last1=Neuman|first1=Scott|url=https://www.npr.org/2020/03/19/818188744/federal-reserve-establishes-lending-facility-to-back-up-money-market-mutual-fund|title=Federal Reserve Establishes Lending Facility To Back Up Money Market Mutual Funds|date=19 March 2020|access-date=20 March 2020|publisher=NPR|archive-url=https://web.archive.org/web/20200319210826/https://www.npr.org/2020/03/19/818188744/federal-reserve-establishes-lending-facility-to-back-up-money-market-mutual-fund|archive-date=19 March 2020|url-status=live}} The Bank of Japan conducted ¥1.3 trillion ($12 billion) in emergency open market purchases of government bonds.{{Cite news|url=https://www.japantimes.co.jp/news/2020/03/19/business/financial-markets/boj-¥1-3tr-emergency-bond-buy/|title=Bank of Japan conducts ¥1.3 trillion emergency bond buy|date=19 March 2020|work=The Japan Times|access-date=16 March 2020|publisher=News2u Holdings, Inc.|archive-url=https://web.archive.org/web/20200323135316/https://www.japantimes.co.jp/news/2020/03/19/business/financial-markets/boj-%C2%A51-3tr-emergency-bond-buy/#.XnP4XC-ZM0o|archive-date=23 March 2020|url-status=live}}

The Bank of England announced that it would cut its overnight rate by 15 basis points to 0.1% and would increase its open market purchases of government bonds by £200 billion to a total of £645 billion,{{Cite news|last1=Meredith|first1=Sam|url=https://www.cnbc.com/2020/03/19/bank-of-england-announces-further-rate-cut-and-launches-new-bond-buying-program.html|title=Bank of England cuts rates again and ramps up bond buying to combat coronavirus impact|date=19 March 2020|access-date=19 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200319203241/https://www.cnbc.com/2020/03/19/bank-of-england-announces-further-rate-cut-and-launches-new-bond-buying-program.html|archive-date=19 March 2020|url-status=live}}{{Cite news|last1=Schomberg|first1=William|url=https://www.reuters.com/article/us-health-coronavirus-britain-boe/bank-of-england-ramps-up-bond-buying-cuts-rates-to-near-zero-idUSKBN2162KT|title=Bank of England ramps up bond-buying, cuts rates to near zero|date=19 March 2020|work=Reuters|access-date=19 March 2020|last2=Milliken|first2=David|archive-url=https://web.archive.org/web/20200319203236/https://www.reuters.com/article/us-health-coronavirus-britain-boe/bank-of-england-ramps-up-bond-buying-cuts-rates-to-near-zero-idUSKBN2162KT|archive-date=19 March 2020|url-status=live}} while the Danmarks Nationalbank raised its deposit rate by 15 basis points to −0.60%.{{Cite news|url=https://www.reuters.com/article/denmark-rates/denmarks-central-bank-raises-key-interest-rate-idUSC7N2AL00E|title=Denmark's central bank raises key interest rate|date=19 March 2020|work=Reuters|access-date=19 March 2020|archive-url=https://web.archive.org/web/20200319161649/https://www.reuters.com/article/denmark-rates/denmarks-central-bank-raises-key-interest-rate-idUSC7N2AL00E|archive-date=19 March 2020|url-status=live}} The Central Bank of the Republic of China cut its bank rate by 25 basis points to 1.125%.{{Cite news|last1=Loh|first1=Liang-sa|url=https://www.reuters.com/article/health-coronavirus-taiwan-rates/update-2-taiwan-c-bank-cuts-rate-to-new-low-slashes-growth-forecast-on-virus-impact-idUSL4N2BC2Z8|title=UPDATE 2-Taiwan c.bank cuts rate to new low, slashes growth forecast on virus impact|date=19 March 2020|work=Reuters|access-date=22 March 2020|last2=Lee|first2=Yimou|archive-url=https://web.archive.org/web/20200321033129/https://www.reuters.com/article/health-coronavirus-taiwan-rates/update-2-taiwan-c-bank-cuts-rate-to-new-low-slashes-growth-forecast-on-virus-impact-idUSL4N2BC2Z8|archive-date=21 March 2020|url-status=live}} After cutting its repo rate by 25 basis points on 16 January,{{Cite news|last=Smith|first=Elliot|url=https://www.cnbc.com/2020/01/20/south-african-rate-cut-surprises-analysts-but-easing-may-be-short-lived.html|title=South African rate cut catches analysts off guard, but easing cycle may be short-lived|date=20 January 2020|url-status=live|archive-url=https://web.archive.org/web/20200130055510/https://www.cnbc.com/2020/01/20/south-african-rate-cut-surprises-analysts-but-easing-may-be-short-lived.html|archive-date=30 January 2020|publisher=CNBC}} the South African Reserve Bank announced that it would cut its repo rate by an additional 100 basis points to 5.25%.{{Cite news|last1=Winning|first1=Alexander|url=https://www.reuters.com/article/safrica-economy-rates/update-2-south-africa-delivers-100-bps-rate-cut-to-fight-coronavirus-idUSL8N2BC69K|title=UPDATE 2-South Africa delivers 100 bps rate cut to fight coronavirus|date=19 March 2020|work=Reuters|access-date=19 March 2020|last2=Toyana|first2=Mfuneko|archive-url=https://web.archive.org/web/20200319203440/https://www.reuters.com/article/safrica-economy-rates/update-2-south-africa-delivers-100-bps-rate-cut-to-fight-coronavirus-idUSL8N2BC69K|archive-date=19 March 2020|url-status=live}} Bank Indonesia also cut its repo rate by 25 basis points to 4.50%.{{Cite news|last=Akhlas|first=Adrian Wail|url=https://www.thejakartapost.com/news/2020/03/19/bi-cuts-rate-sees-growth-plunging-to-5-year-low-as-covid-19-roils-economy.html|title=BI cuts rate, sees growth plunging to 15-year low as COVID-19 roils economy|date=19 March 2020|work=The Jakarta Post|access-date=20 March 2020|publisher=PT Niskala Media Tenggara|archive-url=https://web.archive.org/web/20200320211217/https://www.thejakartapost.com/news/2020/03/19/bi-cuts-rate-sees-growth-plunging-to-5-year-low-as-covid-19-roils-economy.html|archive-date=20 March 2020|url-status=live}} Chilean President Sebastián Piñera announced an $11.7 billion fiscal stimulus package.{{Cite news|url=https://www.reuters.com/article/health-coronavirus-chile-economy/chiles-pinera-unveils-11-7-billion-emergency-aid-package-to-counter-coronavirus-idUSL1N2BC1BK|title=Chile's Pinera unveils $11.7 billion emergency aid package to counter coronavirus|date=19 March 2020|work=Reuters|access-date=19 March 2020|archive-url=https://web.archive.org/web/20200320080906/https://www.reuters.com/article/health-coronavirus-chile-economy/chiles-pinera-unveils-11-7-billion-emergency-aid-package-to-counter-coronavirus-idUSL1N2BC1BK|archive-date=20 March 2020|url-status=live}} U.S. Senate Majority Leader Mitch McConnell introduced legislation for a third fiscal stimulus package of up to $1 trillion that includes cash payments to households under $75,000 in adjusted gross income (with $1,200 per individual, $2,400 for couples, and $500 per child) and $208 billion for industries severely distressed by the pandemic.{{Cite news|last1=Hirsch|first1=Lauren|url=https://www.cnbc.com/2020/03/19/coronavirus-updates-senate-republicans-to-release-relief-bill.html|title=Senate GOP releases coronavirus relief plan with up to $1,200 in cash payments to individuals|date=19 March 2020|access-date=19 March 2020|publisher=CNBC|last2=Pramuk|first2=Jacob|archive-url=https://web.archive.org/web/20200319214948/https://www.cnbc.com/2020/03/19/coronavirus-updates-senate-republicans-to-release-relief-bill.html|archive-date=19 March 2020|url-status=live}}

On Friday, 20 March 2020, Asia-Pacific and European stock markets closed mostly up,{{Cite news|last1=Huang|first1=Eustance|url=https://www.cnbc.com/2020/03/20/asia-markets-coronavirus-china-loan-prime-rate-currencies-in-focus.html|title=South Korea stocks surge more than 7% as China keeps loan prime rate unchanged|date=20 March 2020|access-date=20 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200320101333/https://www.cnbc.com/2020/03/20/asia-markets-coronavirus-china-loan-prime-rate-currencies-in-focus.html|archive-date=20 March 2020|url-status=live}}{{Cite news|last1=Smith|first1=Elliot|url=https://www.cnbc.com/2020/03/20/european-stocks-react-to-monetary-and-fiscal-measures-agnaist-virus.html|title=European stocks close higher as monetary and fiscal measures mount; travel and leisure up 9%|date=20 March 2020|access-date=20 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200320101359/https://www.cnbc.com/2020/03/20/european-stocks-react-to-monetary-and-fiscal-measures-agnaist-virus.html|archive-date=20 March 2020|url-status=live}} while the Dow Jones Industrial Average, the NASDAQ Composite, and the S&P 500 all closed down 4% (with the Dow eclipsing its one-week decline from 24 to 28 February 2020 to finish at its largest one-week decline since the 2008 financial crisis).{{Cite news|last1=Imbert|first1=Fred|url=https://www.cnbc.com/2020/03/19/stock-market-futures-open-to-close-news.html|title=Dow tumbles 900 points to end Wall Street's worst week since 2008|date=20 March 2020|access-date=20 March 2020|publisher=CNBC|last2=Stevens|first2=Pippa|archive-url=https://web.archive.org/web/20200320101430/https://www.cnbc.com/2020/03/19/stock-market-futures-open-to-close-news.html|archive-date=20 March 2020|url-status=live}} Oil prices fell by 11%,{{Cite news|url=https://www.cnbc.com/2020/03/20/oil-markets-saudi-arabia-russia-dispute-in-focus.html|title=Oil falls 11%, on track for worst month on record|date=20 March 2020|access-date=20 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200320111750/https://www.cnbc.com/2020/03/20/oil-markets-saudi-arabia-russia-dispute-in-focus.html|archive-date=20 March 2020|url-status=live}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 0.93% and 1.52% respectively (while their yield curve remained normal for at least the sixth trading session of the preceding seven).{{Cite news|last=Li|first=Yun|url=https://www.cnbc.com/2020/03/20/us-treasury-yields-investors-look-for-safety-amid-coronavirus.html|title=10-year Treasury yield falls below 1% to cap off a choppy week amid coronavirus crisis|date=20 March 2020|access-date=20 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200320101440/https://www.cnbc.com/2020/03/20/us-treasury-yields-investors-look-for-safety-amid-coronavirus.html|archive-date=20 March 2020|url-status=live}} The Federal Reserve announced that it would expand its asset purchases to include municipal bonds,{{Cite news|last=Cox|first=Jeff|url=https://www.cnbc.com/2020/03/20/the-federal-reserve-is-expanding-its-asset-purchases-to-include-municipal-bonds.html|title=The Federal Reserve is expanding its asset purchases to include municipal bonds|date=20 March 2020|access-date=20 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200321111642/https://www.cnbc.com/2020/03/20/the-federal-reserve-is-expanding-its-asset-purchases-to-include-municipal-bonds.html|archive-date=21 March 2020|url-status=live}} while the Reserve Bank of Australia announced that it would also purchase A$5 billion ($2.9 billion) in municipal bonds.{{Cite news|last=Pandey|first=Swati|url=https://www.reuters.com/article/us-australia-rba-bonds-purchases/australia-central-bank-buys-2-9-billion-of-bonds-in-first-round-of-unlimited-qe-idUSKBN21705J|title=Australia central bank buys $2.9 billion of bonds in first round of unlimited QE|date=20 March 2020|work=Reuters|access-date=20 March 2020|archive-url=https://web.archive.org/web/20200320132158/https://www.reuters.com/article/us-australia-rba-bonds-purchases/australia-central-bank-buys-2-9-billion-of-bonds-in-first-round-of-unlimited-qe-idUSKBN21705J|archive-date=20 March 2020|url-status=live}} Bank Indonesia and the Central Bank of Brazil announced $10.1 billion and $3 billion of open market purchases of government bonds respectively,{{Cite news|last=Akhlas|first=Adrian Wail|url=https://www.thejakartapost.com/news/2020/03/20/bi-injects-10-1b-to-stabilize-bond-markets-as-investors-dump-indonesian-assets.html|title=BI injects $10.1b to stabilize bond markets as investors dump Indonesian assets|date=20 March 2020|work=The Jakarta Post|access-date=20 March 2020|publisher=PT Niskala Media Tenggara|archive-url=https://web.archive.org/web/20200322131445/https://www.thejakartapost.com/news/2020/03/20/bi-injects-10-1b-to-stabilize-bond-markets-as-investors-dump-indonesian-assets.html|archive-date=22 March 2020|url-status=live}}{{Cite news|url=https://www.reuters.com/article/brazil-markets-cenbank/brazil-central-bank-buys-3-bln-of-dollar-denominated-sovereign-debt-this-week-statement-idUSL1N2BD2I0|title=Brazil central bank buys $3 bln of dollar-denominated sovereign debt this week -statement|date=20 March 2020|work=Reuters|access-date=22 March 2020|archive-url=https://web.archive.org/web/20200321132551/https://www.reuters.com/article/brazil-markets-cenbank/brazil-central-bank-buys-3-bln-of-dollar-denominated-sovereign-debt-this-week-statement-idUSL1N2BD2I0|archive-date=21 March 2020|url-status=live}} while the Reserve Bank of India announced that it would conduct ₹300 billion in open market purchases the following week.{{Cite news|url=https://www.business-standard.com/article/pti-stories/coronavirus-rbi-to-inject-rs-30-000-cr-liquidity-into-market-next-week-120032001325_1.html|title=RBI to inject Rs 30k cr into market for financial stability amid Covid-19|date=20 March 2020|work=Business Standard|access-date=20 March 2020|publisher=Business Standard Ltd|archive-url=https://web.archive.org/web/20200321135354/https://www.business-standard.com/article/pti-stories/coronavirus-rbi-to-inject-rs-30-000-cr-liquidity-into-market-next-week-120032001325_1.html|archive-date=21 March 2020|url-status=live}}{{cite news|url=https://timesofindia.indiatimes.com/business/india-business/coronavirus-rbi-to-inject-rs-30000-crore-liquidity-into-market-next-week/articleshow/74734296.cms|title=Coronavirus: RBI to inject Rs 30,000 crore liquidity into market next week|date=20 March 2020|work=The Times of India|access-date=20 March 2020|publisher=The Times Group|archive-url=https://web.archive.org/web/20200321205132/https://timesofindia.indiatimes.com/business/india-business/coronavirus-rbi-to-inject-rs-30000-crore-liquidity-into-market-next-week/articleshow/74734296.cms|archive-date=21 March 2020|url-status=live}}

The Bank of Mexico announced that it would cut its overnight rate by 50 basis points,{{Cite news|url=https://www.reuters.com/article/us-mexico-cenbank-rates/mexican-central-bank-unveils-deep-emergency-rate-cut-to-counter-coronavirus-impact-idUSKBN2173EJ|title=Mexican central bank unveils deep emergency rate cut to counter coronavirus impact|date=20 March 2020|work=Reuters|access-date=20 March 2020|archive-url=https://web.archive.org/web/20200321011426/https://www.reuters.com/article/us-mexico-cenbank-rates/mexican-central-bank-unveils-deep-emergency-rate-cut-to-counter-coronavirus-impact-idUSKBN2173EJ|archive-date=21 March 2020|url-status=live}} while the National Bank of Romania announced that it would cut its bank rate by 25 basis points to 2.0%.{{Cite news|url=https://www.reuters.com/article/romania-rates/update-1-romanias-central-bank-delivers-surprise-rate-cut-loosens-policy-idUSL8N2BD79J|title=UPDATE 1-Romania's central bank delivers surprise rate cut, loosens policy|date=20 March 2020|work=Reuters|access-date=22 March 2020|archive-url=https://web.archive.org/web/20200323014051/https://www.reuters.com/article/romania-rates/update-1-romanias-central-bank-delivers-surprise-rate-cut-loosens-policy-idUSL8N2BD79J|archive-date=23 March 2020|url-status=live}} The European Central Bank opened a €24 billion foreign exchange swap line with Danmarks Nationalbank.{{Cite news|url=https://www.reuters.com/article/us-ecb-policy-denmark/ecb-opens-24-billion-euro-swap-line-with-danish-central-bank-idUSKBN2171C3|title=ECB opens 24-billion-euro swap line with Danish central bank|date=20 March 2020|work=Reuters|access-date=22 March 2020|archive-url=https://web.archive.org/web/20200323013641/https://www.reuters.com/article/us-ecb-policy-denmark/ecb-opens-24-billion-euro-swap-line-with-danish-central-bank-idUSKBN2171C3|archive-date=23 March 2020|url-status=live}} U.S. Treasury Secretary Steven Mnuchin announced that the Internal Revenue Service would extend the federal tax filing deadline from 15 April to 15 July,{{Cite news|last1=Mangan|first1=Dan|url=https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html|title=IRS extends tax filing deadline to July 15 as coronavirus spreads, Mnuchin says|date=20 March 2020|access-date=20 March 2020|publisher=CNBC|last2=Mercado|first2=Darla|archive-url=https://web.archive.org/web/20200320150153/https://www.cnbc.com/2020/03/20/ccoronavirus-mnuchin-says-irs-will-move-tax-filing-deadline-to-july-15.html|archive-date=20 March 2020|url-status=live}} while Maryland Governor Larry Hogan and New York Governor Andrew Cuomo, as chair and vice-chair of the National Governors Association, wrote an open letter to the Trump Administration and the 116th U.S. Congress to request $150 billion in federal aid to U.S. state governments to address the COVID-19 pandemic.{{Cite news|last1=Shepardson|first1=David|url=https://www.reuters.com/article/us-health-coronavirus-states/u-s-states-seek-150-billion-in-emergency-federal-coronavirus-aid-idUSKBN21724O|title=U.S. states seek at least $150 billion in emergency federal coronavirus aid|date=20 March 2020|work=Reuters|access-date=20 March 2020|archive-url=https://web.archive.org/web/20200320190657/https://www.reuters.com/article/us-health-coronavirus-states/u-s-states-seek-150-billion-in-emergency-federal-coronavirus-aid-idUSKBN21724O|archive-date=20 March 2020|url-status=live}} The Swiss federal government and the Saudi Arabian national government both announced $32 billion fiscal stimulus programs,{{Cite news|last=Revill|first=John|url=https://www.reuters.com/article/us-health-coronavirus-swiss/swiss-announce-32-6-billion-aid-deal-as-virus-puts-nations-back-against-wall-idUSKBN2172AN|title=Swiss announce $32.6 billion aid deal as virus puts nation's 'back against wall'|date=20 March 2020|work=Reuters|access-date=20 March 2020|archive-url=https://web.archive.org/web/20200320193014/https://www.reuters.com/article/us-health-coronavirus-swiss/swiss-announce-32-6-billion-aid-deal-as-virus-puts-nations-back-against-wall-idUSKBN2172AN|archive-date=20 March 2020|url-status=live}}{{Cite news|last1=Turak|first1=Natasha|url=https://www.cnbc.com/2020/03/20/coronavirus-and-oil-saudi-arabia-announces-32-billion-stimulus.html|title=Saudi Arabia announces $32 billion in emergency funds to mitigate oil, coronavirus impact|date=20 March 2020|access-date=21 March 2020|publisher=CNBC|archive-url=https://web.archive.org/web/20200321085112/https://www.cnbc.com/2020/03/20/coronavirus-and-oil-saudi-arabia-announces-32-billion-stimulus.html|archive-date=21 March 2020|url-status=live}} while the German federal government has been reported to be planning a €100 billion fiscal stimulus program.{{Cite news|url=https://www.reuters.com/article/us-health-coronavirus-germany-budget/germany-planning-special-budget-of-at-least-100-billion-euros-handelsblatt-idUSKBN217240|title=Germany planning special budget of at least 100 billion euros: Handelsblatt|date=20 March 2020|work=Reuters|access-date=20 March 2020|archive-url=https://web.archive.org/web/20200320193905/https://www.reuters.com/article/us-health-coronavirus-germany-budget/germany-planning-special-budget-of-at-least-100-billion-euros-handelsblatt-idUSKBN217240|archive-date=20 March 2020|url-status=live}} Indonesian Finance Minister Sri Mulyani announced that the Indonesian government would reallocate Rp62.3 trillion ($3.9 billion) from the 2020 fiscal year budget for COVID-19 pandemic countermeasures.{{Cite news|last=Akhlas|first=Adrian Wail|title=$3.9 billion state spending reallocated for COVID-19 response: Sri Mulyani|date=20 March 2020|work=The Jakarta Post|publisher=PT Niskala Media Tenggara|url=https://www.thejakartapost.com/news/2020/03/20/3-9-billion-state-spending-reallocated-for-covid-19-response-sri-mulyani.html|access-date=1 April 2020}}

On Monday, 23 March 2020, Asia-Pacific stock markets closed up while European and U.S. stock markets closed mostly down.{{Cite news|last=Huang|first=Eustance|title=India stocks plummet 13% as coronavirus uncertainty continues to roil Asia markets|date=22 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/23/asia-markets-coronavirus-stimulus-measures-currencies-in-focus.html|access-date=30 March 2020}}{{Cite news|last1=Smith|first1=Elliot|last2=Ellyatt|first2=Holly|title=European markets close lower amid coronavirus jitters; Stoxx 600 down 4.4%|date=23 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/23/european-markets-shaky-as-coronavirus-outbreak-continues.html|access-date=29 March 2020}}{{Cite news|last1=Bayly|first1=Lucy|title=Dow closes down 600 points after government stimulus package fails again|date=23 March 2020|publisher=NBC News|url=https://www.nbcnews.com/business/markets/no-stimulus-bill-sight-markets-continue-their-slide-n1166526|access-date=29 March 2020}} Oil prices rose,{{Cite news|last=Kumar|first=Devika Krishna|title=Crude edges higher, U.S. gasoline slumps over 30% on sinking demand|date=22 March 2020|publisher=Yahoo! Finance|url=https://finance.yahoo.com/news/oil-markets-slump-amid-coronavirus-023012826.html|access-date=29 March 2020}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 0.82% and 1.34% respectively.{{Cite news|last1=Li|first1=Yun|last2=Smith|first2=Elliot|title=10-year yield dives below 0.7% after Fed announces unlimited asset purchases|date=23 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/23/treasury-yields-fall-as-coronavirus-cases-rise-relief-bill-stalls.html|access-date=29 March 2020}} The finance ministers and central bank executives of the G20 countries agreed to develop a joint action plan to address the economic effects of the COVID-19 pandemic.{{Cite news|title=G20 finance chiefs and central bankers to develop COVID-19 action plan|date=25 March 2020|work=The Japan Times|publisher=News2u Holdings, Inc.|url=https://www.japantimes.co.jp/news/2020/03/25/business/economy-business/g20-covid-19-action-plan/|access-date=1 April 2020}}{{cite journal |last1=Cortes |first1=Gustavo S. |last2=Gao |first2=George P. |last3=Silva |first3=Felipe B. G. |last4=Song |first4=Zhaogang |date=2022 |title=Unconventional monetary policy and disaster risk: Evidence from the subprime and COVID–19 crises |url= |journal=Journal of International Money and Finance |volume=122 |issue= |pages=102543 |doi=10.1016/j.jimonfin.2021.102543 |pmid=34949899 |pmc=8677330 }} The Reserve Bank of New Zealand and the Bank of Japan announced NZ$30 billion and $7.3 billion in open market purchases of government bonds respectively,{{Cite news|last=Menon|first=Praveen|title=NZ central bank starts quantitative easing to tackle coronavirus|date=22 March 2020|work=Reuters|url=https://www.reuters.com/article/us-newzealand-economy-rbnz/nz-central-bank-starts-quantitative-easing-to-tackle-coronavirus-idUSKBN21914G|access-date=29 March 2020}}{{Cite news|last=Mogi|first=Chikako|title=Central Banks at Full Throttle Buying Bonds to Tame Markets|date=23 March 2020|publisher=Yahoo! Finance|url=https://finance.yahoo.com/news/boj-rba-spend-10-billion-023232886.html|access-date=29 March 2020|archive-url=https://web.archive.org/web/20200330011208/https://finance.yahoo.com/news/boj-rba-spend-10-billion-023232886.html|archive-date=30 March 2020|url-status=dead}} the Reserve Bank of India and Sveriges Riksbank announced ₹1 trillion and kr10 billion ($956.3 million) in repo operations,{{Cite news|title=RBI to inject Rs 1 lakh crore liquidity via repo operations|date=23 March 2020|work=The Economic Times|publisher=The Times Group|url=https://economictimes.indiatimes.com/markets/stocks/news/rbi-to-inject-rs-1-lakh-crore-liquidity-via-repo-operations/articleshow/74772264.cms|access-date=29 March 2020}}{{Cite news|title=Swedish c.bank says will buy a maximum of 10 bln SEK in covered bonds on March 25|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirs-sweden-cenbank/swedish-cbank-says-will-buy-a-maximum-of-10-bln-sek-in-covered-bonds-on-march-25-idUSFWN2BG0K4|access-date=30 March 2020}} while the Bank of Korea and the Federal Reserve announced that they would conduct additional repo operations and asset purchases respectively of undisclosed amounts.{{Cite news|title=Bank of Korea to step up repo operations to boost liquidity|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-central-banks-southko/bank-of-korea-to-step-up-repo-operations-to-boost-liquidity-idUSS6N2AQ01W|access-date=29 March 2020}}{{Cite news|last1=Cox|first1=Jeff|title=The Federal Reserve just pledged asset purchases with no limit to support markets|date=23 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/23/fed-announces-a-slew-of-new-programs-to-help-markets-including-open-ended-asset-purchases.html|access-date=29 March 2020}}

The Bank of Japan lent $34.9 billion to its nation's banks in a one-week dollar funding operation,{{Cite news|title=Banks borrow $34.9 billion from Bank of Japan's 1-week dollar funding operation on Monday|date=22 March 2020|work=Reuters|url=https://www.reuters.com/article/us-japan-money-boj/banks-borrow-34-9-billion-from-bank-of-japans-1-week-dollar-funding-operation-on-monday-idUSKBN21A0B0|access-date=29 March 2020}} Sveriges Riksbank announced kr400 billion ($38.8 billion) in loans to its nation's banks,{{Cite news|title=Swedish central bank to offer SEK 400 bln in loans to banks|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-sweden-cenbank/swedish-central-bank-to-offer-sek-400-bln-in-loans-to-banks-idUSFWN2BG1JA|access-date=30 March 2020}} the World Bank announced $300 million in loans to banks in Indonesia,{{Cite news|last=Akhlas|first=Adrian Wail|title=World Bank approves $300m loan to improve Indonesia's financial sector|date=23 March 2020|work=The Jakarta Post|publisher=PT Niskala Media Tenggara|url=https://www.thejakartapost.com/news/2020/03/23/world-bank-approves-300m-loan-to-improve-indonesias-financial-sector.html|access-date=29 March 2020}} while the Central Bank of Brazil announced that it would expand its money supply by R$1.2 trillion ($234 billion) in loans to banks and by cutting its reserve requirement from 25% to 17%.{{Cite news|last=Ayres|first=Marcela|title=UPDATE 2-Brazil's central bank to flood lenders with fresh liquidity|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-brazil-banks/update-1-brazils-central-bank-to-extend-loans-to-banks-idUSL1N2BG0IX|access-date=29 March 2020}} The Hungarian National Bank announced Ft74.5 billion ($227 million) in foreign exchange swaps of domestic currency with euros.{{Cite news|title=Hungary cbank's stock of fx swaps unchanged after Monday's tenders|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/hungary-cenbank-swaps/hungary-cbanks-stock-of-fx-swaps-unchanged-after-mondays-tenders-idUSS8N2B2061|access-date=30 March 2020}} The Australian parliament passed an A$80 billion fiscal stimulus program,{{Cite news|last=Scott|first=Jason|title=Australia Passes Massive Stimulus Measures as Virus Spreads|date=23 March 2020|publisher=Yahoo! Finance|url=https://finance.yahoo.com/news/australia-unleashes-66-billion-second-010050916.html|access-date=29 March 2020|archive-url=https://web.archive.org/web/20200323211710/https://finance.yahoo.com/news/australia-unleashes-66-billion-second-010050916.html|archive-date=23 March 2020|url-status=dead}} while Japanese Prime Minister Shinzo Abe announced that a fiscal stimulus program his government was considering would amount to at least ¥15 trillion ($137 billion).{{Cite news|title=Japan mulls ¥30 trillion in economic stimulus to counter coronavirus impact|date=23 March 2020|work=The Japan Times|publisher=News2u Holdings, Inc.|url=https://www.japantimes.co.jp/news/2020/03/23/business/economy-business/japan-considers-%C2%A530-trillion-stimulus-fight-coronavirus-outbreak/|access-date=30 March 2020|archive-date=2 April 2020|archive-url=https://web.archive.org/web/20200402175516/https://www.japantimes.co.jp/news/2020/03/23/business/economy-business/japan-considers-%c2%a530-trillion-stimulus-fight-coronavirus-outbreak/|url-status=dead}}{{Cite news|last=Kihara|first=Leika|title=Japan to spend over $137 billion as virus hits economy, BOJ eyes more stimulus|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/us-health-coronavirus-japan-debt/japan-to-spend-over-137-billion-as-virus-hits-economy-boj-eyes-more-stimulus-idUSKBN21A16L|access-date=29 March 2020}} The Central Bank of Iceland announced that it would initiate a quantitative easing program to purchase government bonds in support of a $1.6 billion fiscal stimulus program announced by the Icelandic government over the preceding weekend.{{Cite news|last=Skydsgaard|first=Nikolaj|title=UPDATE 1-Iceland's central bank to buy treasury bonds to aid economy|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/iceland-cenbank/update-1-icelands-central-bank-to-buy-treasury-bonds-to-aid-economy-idUSL8N2BG4DR|access-date=30 March 2020}}

On 24 March, Asia-Pacific and European stock markets closed up,{{Cite news|last=Huang|first=Eustance|title=Japan stocks jump 7% as Fed ramps up stimulus measures; Softbank surges almost 19%|date=23 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/24/asia-markets-coronavirus-stimulus-measures-currencies-in-focus.html|access-date=29 March 2020}}{{Cite news|last1=Smith|first1=Elliot|last2=Ellyatt|first2=Holly|title=European markets close 7.5% higher on Fed stimulus, Italy virus slowdown|date=24 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/24/european-markets-react-to-fed-stimulus.html|access-date=29 March 2020}} while the Dow Jones Industrial Average closed more than 11% up, the NASDAQ Composite closed more than 8% up, and the S&P 500 closed more than 9% up.{{Cite news|last1=Imbert|first1=Fred|last2=Franck|first2=Thomas|title=Dow rebounds more than 11% in best day since 1933 as Congress nears coronavirus stimulus deal|date=24 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/23/dow-futures-up-more-than-200-points-as-senate-debates-over-virus-bill.html|access-date=29 March 2020}} Oil prices rose by more than 2%,{{Cite news|title=Oil jumps more than 2% as US ramps up economic support measures|date=24 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/24/oil-markets-us-crude-futures-in-focus.html|access-date=30 March 2020}} while the yields on 10-year and 30-year U.S. Treasury securities rose to 0.82% and 1.40% respectively.{{Cite news|last1=Li|first1=Yun|last2=Smith|first2=Elliot|title=Treasury yields rise on optimism for a massive stimulus deal to curb coronavirus damage|date=24 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/24/treasury-yields-rise-as-investors-hold-out-for-stimulus-bill.html|access-date=29 March 2020}} After agreeing to a joint investment €37 billion financial assistance program to European businesses the preceding week,{{Cite news|last1=Strupczewski|first1=Jan|last2=Guarascio|first2=Francesco|title=Euro zone pledges 'whatever it takes' to fight coronavirus effects|date=15 March 2020|work=Reuters|url=https://www.reuters.com/article/us-health-coronavirus-eu-response/euro-zone-pledges-whatever-it-takes-to-fight-coronavirus-effects-idUSKBN21300F|access-date=1 April 2020}} the finance ministers of the Eurozone meeting did not agree to more joint fiscal stimulus.{{Cite news|last1=Amaro|first1=Silvia|title=Europe unable to reach deal on new coronavirus aid as long-held tensions resurface|date=24 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/24/coronavirus-crisis-euro-countries-cant-agree-on-new-funding.html|access-date=1 April 2020}} The Bank of Japan lent an additional $89 billion in two-dollar funding operations,{{Cite news|last=Sano|first=Hideyuki|title=Japan banks borrow record $89.3 billion from Bank of Japan as dollar shortage lingers|date=23 March 2020|work=Reuters|url=https://uk.reuters.com/article/uk-japan-markets-dollar/banks-borrow-record-89-3-billion-from-bank-of-japans-dollar-funding-operations-on-tuesday-idUKKBN21B0BT|archive-url=https://web.archive.org/web/20200521150553/https://uk.reuters.com/article/uk-japan-markets-dollar/banks-borrow-record-89-3-billion-from-bank-of-japans-dollar-funding-operations-on-tuesday-idUKKBN21B0BT|url-status=dead|archive-date=21 May 2020|access-date=30 March 2020}} while the Indonesian Financial Services Authority raised the capital requirement for the nation's banks to Rp3 trillion ($182.1 million) by 2022.{{Cite news|title=Indonesia raises core capital requirement for banks|date=24 March 2020|work=Reuters|url=https://www.reuters.com/article/indonesia-economy-banks/indonesia-raises-core-capital-requirement-for-banks-idUSL4N2BH27I|access-date=30 March 2020}} South Korean President Moon Jae-in announced that a planned fiscal stimulus package would be doubled in size to ₩100 trillion ($80 billion).{{Cite news|last1=Kim|first1=Cynthia|last2=Shin|first2=Hyonhee|title=South Korea doubles coronavirus rescue package to $80 billion|date=23 March 2020|work=Reuters|url=https://www.reuters.com/article/us-health-coronavirus-southkorea-toll/south-korea-doubles-coronavirus-rescue-package-to-80-billion-idUSKBN21B05X|access-date=30 March 2020}} The Hungarian National Bank announced that it would leave its bank and overnight rates at 0.9% and −0.05% respectively but waived its reserve requirements and is expected to announce further quantitative easing measures.{{Cite news|last1=Than|first1=Krisztina|last2=Szakacs|first2=Gergely|title=UPDATE 1-Hungarian central bank holds rates, expected to announce QE-type measures|date=24 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-hungary-rates/update-1-hungarian-central-bank-holds-rates-expected-to-announce-qe-type-measures-idUSL8N2BH42G|access-date=30 March 2020}}{{Cite news|title=Hungary cbank launches new loan facility to boost liquidity|date=24 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-hungary-rates/hungary-cbank-launches-new-loan-facility-to-boost-liquidity-idUSS8N2B2068|access-date=30 March 2020}} Romanian Finance Minister Florin Cîțu announced that the Romanian government would allow banks to defer loan repayments for approximately six months.{{Cite news|title=Romania to help banks accept delay in loan repayments – minister|date=24 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-romania-banks/romania-to-help-banks-accept-delay-in-loan-repayments-minister-idUSL8N2BH8H3|access-date=31 March 2020}}

On 25 March, Asia-Pacific and European stock markets closed up,{{Cite news|last=Huang|first=Eustance|title=Japan stocks soar 8% as US announces coronavirus stimulus deal|date=24 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/25/asia-markets-coronavirus-us-stimulus-deal-currencies-in-focus.html|access-date=29 March 2020}}{{Cite news|last1=Smith|first1=Elliot|last2=Ellyatt|first2=Holly|title=European stocks close higher as US reaches stimulus deal; Virgin Money up 26%|date=25 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/25/european-markets-react-to-us-stimulus.html|access-date=30 March 2020}} while the NASDAQ Composite closed down, but the S&P 500 and the Dow Jones Industrial Average also closed up (with the Dow posting its first consecutive gain since the previous month).{{Cite news|last1=Imbert|first1=Fred|last2=Li|first2=Yun|last3=Huang|first3=Eustance|title=Dow jumps more than 2%, posts first back-to-back gain since February|date=24 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/24/stock-market-futures-open-to-close-news.html|access-date=30 March 2020}} Oil prices rose,{{cite news|last1=Saefong|first1=Myra P.|last2=Watts|first2=William|title=Oil prices end higher as move toward U.S. stimulus package fuels optimism|date=25 March 2020|website=MarketWatch|url=https://www.marketwatch.com/story/oil-retreats-as-supply-fears-outweigh-us-stimulus-package-2020-03-25|access-date=30 March 2020}} and the yields on 10-year and 30-year U.S. Treasury securities fell to 0.79% and 1.33% respectively.{{Cite news|last1=Franck|first1=Thomas|last2=Li|first2=Yun|title=Long-term US yields fall slightly as White House and Senate strike virus deal|date=25 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/25/treasury-yields-edge-higher-as-white-house-and-senate-strike-stimulus-deal.html|access-date=30 March 2020}} The U.S. Senate unanimously passed the $2.2 trillion fiscal stimulus package introduced by Senate Majority Leader Mitch McConnell the preceding week.{{Cite news|last1=Pramuk|first1=Jacob|title=Senate passes $2 trillion coronavirus relief bill — House aims for Friday vote|date=25 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/25/senate-passes-2-trillion-coronavirus-stimulus-package.html|access-date=1 April 2020}} The heads of government in nine Eurozone countries called for the issuance of corona bonds.{{Cite news|last1=Amaro|first1=Silvia|title=Nine European countries say it is time for 'corona bonds' as virus death toll rises|date=25 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/25/nine-eu-countries-say-its-time-for-corona-bonds-as-virus-deaths-rise.html|access-date=1 April 2020}} The Reserve Bank of New Zealand announced NZ$250 million ($146 million) of open market purchases of governments bonds as part of its quantitative easing program.{{Cite news|title=NZ c.bank proposes to buy $146 mln in government bonds as part of QE|date=24 March 2020|work=Reuters|url=https://www.reuters.com/article/newzealand-economy-bonds/nz-cbank-proposes-to-buy-146-mln-in-government-bonds-as-part-of-qe-idUSS9N28S01T|access-date=30 March 2020}}

Mexican Finance Minister Arturo Herrera Gutiérrez announce that the Mexican federal government would allow Mexican banks to defer loan repayments.{{Cite news|title=UPDATE 1-Mexican banks to offer deferred interest payments, principal on loans – finance minister|date=25 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-mexico-banks/update-1-mexican-banks-to-offer-deferred-interest-payments-principal-on-loans-finance-minister-idUSL1N2BI330|access-date=31 March 2020}} The South African Reserve Bank announced a quantitative easing program of open market purchases of an unspecified amount of government bonds.{{Cite news|last=Stoddard|first=Ed|title=SA Reserve Bank catches the quantitative easing bug as Covid-19 infects economy, bond market|date=25 March 2020|website=Daily Maverick|publisher=Styli Charalambous|url=https://www.dailymaverick.co.za/article/2020-03-25-sa-reserve-bank-catches-the-quantitative-easing-bug-as-covid-19-infects-economy-bond-market/|access-date=31 March 2020}} The Bank of Korea announced that it would finance half of the South Korean government's stimulus program.{{Cite news|last=Young-sil|first=Yoon|title=Bank of Korea to Supply Approximately 50 Tril. Won of Liquidity|date=26 March 2020|website=Business Korea|url=http://www.businesskorea.co.kr/news/articleView.html?idxno=43275|access-date=31 March 2020}} The Central Bank of Iceland announced that it would lower its average reserve maintenance requirement from 1% to 0%.{{Cite news|title=Iceland central bank lowers banks' reserve requirements|date=25 March 2020|work=Reuters|url=https://www.reuters.com/article/iceland-cenbank/iceland-central-bank-lowers-banks-reserve-requirements-idUSC7N2AL00I|access-date=31 March 2020}} The Swiss federal government announced a $20.4 billion business credit-line program and the Swiss National Bank announced the creation of a refinancing facility with an unlimited supply of credit for the Swiss banking system.{{Cite news|last1=Revill|first1=John|last2=Koltrowitz|first2=Silke|title=Swiss government, central bank toss cash at coronavirus-hit companies|date=25 March 2020|work=Reuters|url=https://www.reuters.com/article/us-health-coronavirus-swiss/swiss-government-central-bank-toss-cash-at-coronavirus-hit-companies-idUSKBN21C2GM|access-date=31 March 2020}}

On 26 March, Asia-Pacific stock markets finished with mixed closings while European stock markets closed higher,{{Cite news|last=Huang|first=Eustance|title=Japan shares drop more than 4% as investors await jobless claims data stateside|date=25 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/26/asia-markets-coronavirus-us-jobless-claims-apple-suppliers-in-focus.html|access-date=30 March 2020}}{{Cite news|last1=Smith|first1=Elliot|last2=Ellyatt|first2=Holly|title=European stocks close higher; US jobless claims balloon to record high|date=26 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/26/european-stocks-focus-on-coronavirus-rather-than-stimulus.html|access-date=30 March 2020}} and the Dow Jones Industrial Average, the NASDAQ Composite, and the S&P 500 all rose by 6% (and the Dow capping its largest 3-day upswing since 1931).{{Cite news|last1=Imbert|first1=Fred|last2=Stevens|first2=Pippa|last3=Huang|first3=Eustance|title=Dow rallies more than 1,300 points, capping its biggest 3-day surge since 1931|date=26 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/25/stock-market-futures-open-to-close-news.html|access-date=30 March 2020}} Oil prices fell,{{Cite news|last=Kearney|first=Laila|title=Oil sheds more than $1 as weakening demand outweighs stimulus hopes|date=25 March 2020|work=Reuters|url=https://www.reuters.com/article/us-global-oil/oil-prices-mixed-as-demand-shrinks-but-stimulus-hopes-support-idUSKBN21D03T|access-date=30 March 2020}} while the yields on 10-year and 30-year U.S. Treasury securities rose slightly to 0.80% and 1.37% respectively.{{Cite news|last1=Franck|first1=Thomas|last2=Li|first2=Yun|title=10-year Treasury yield holds steady at 0.8% despite record jobless claims|date=26 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/26/treasury-yields-fall-ahead-of-us-jobless-claims-data.html|access-date=30 March 2020}} At a virtual summit, European Union heads of state and government did not agree to begin issuing corona bonds.{{cite news|last1=Herszenhorn|first1=David M.|last2=Barigazzi|first2=Jacopo|last3=Momtaz|first3=Rym|title=Virtual summit, real acrimony: EU leaders clash over 'corona bonds'|date=27 March 2020|website=Politico Europe|publisher=Politico/Axel Springer SE|url=https://www.politico.eu/article/virtual-summit-real-acrimony-eu-leaders-clash-over-corona-bonds/|access-date=1 April 2020}}{{Cite news|last1=Amaro|first1=Silvia|title=Italy's coronavirus death toll tops 8,000 as EU leaders fail to present new stimulus|date=27 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/27/coronavirus-europe-italy-death-toll-tops-8000-after-eu-summit-clash.html|access-date=1 April 2020}} The Reserve Bank of Australia announce that it would conduct A$3 billion of open market purchases of government bonds.{{Cite news|title=Reserve Bank of Australia proposes to buy A$3b in govt bonds as part of QE|date=26 March 2020|website=Business Times|url=https://www.businesstimes.com.sg/banking-finance/reserve-bank-of-australia-proposes-to-buy-a3b-in-govt-bonds-as-part-of-qe|access-date=31 March 2020}} The central banks of Denmark, Norway, Singapore, and Sweden announced foreign exchange swaps of U.S. dollars with their nation's banks,{{Cite news|title=UPDATE 2-Nordic central banks to auction U.S. dollars on March 26|date=24 March 2020|work=Reuters|url=https://www.reuters.com/article/denmark-cenbank/update-2-nordic-central-banks-to-auction-us-dollars-on-march-26-idUSL8N2BH7UA|access-date=31 March 2020}}{{Cite news|title=Singapore central bank launches US$60b scheme for banks|date=26 March 2020|website=The Star|publisher=Star Media Group Berhad|url=https://www.thestar.com.my/business/business-news/2020/03/26/singapore-central-bank-launches-us60b-scheme-for-banks|access-date=31 March 2020}} while the Sveriges Riksbank also announced that it would purchase kr300 billion ($29.84 billion) of commercial paper.{{Cite news|title=Swedish c.bank to start buying commercial paper as part of virus package|date=26 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-sweden-cenbank/swedish-cbank-to-start-buying-commercial-paper-as-part-of-virus-package-idUSFWN2BJ0ZB|access-date=1 April 2020}}

The Indonesian government announced that it would issue bonds whose proceeds would dedicated for financial assistance programs to business severely distressed by the COVID-19 pandemic.{{Cite news|last=Akhlas|first=Adrian Wail|title=Indonesia to issue bonds to rescue businesses affected by COVID-19|date=26 March 2020|work=The Jakarta Post|publisher=PT Niskala Media Tenggara|url=https://www.thejakartapost.com/news/2020/03/26/indonesia-to-issue-bonds-to-rescue-businesses-affected-by-covid-19.html|access-date=31 March 2020}} The Central Bank of Russia announced that it continue selling foreign currency in domestic markets the following week.{{Cite news|title=Russian c.bank to continue FX selling in non-working week|date=26 March 2020|work=Reuters|url=https://www.reuters.com/article/russia-cenbank-intervention/russian-cbank-to-continue-fx-selling-in-non-working-week-idUSR4N2A002J|access-date=31 March 2020}} The Bank of Korea announced that it would conduct open-ended open market purchases of government bonds at repo auctions every Tuesday for the following three months.{{cite news|last=Min-hyung|first=Lee|title=Bank of Korea to supply 'unlimited liquidity' via repo program|date=26 March 2020|work=The Korea Times|publisher=Dongwha Enterprise|url=https://www.koreatimes.co.kr/www/biz/2020/03/367_286876.html|access-date=31 March 2020}} The Mexican federal government's credit rating was downgraded by S&P Global Ratings to BBB.{{Cite news|last1=Villamil|first1=Justin|last2=Quinn|first2=Dale|title=Mexico Downgraded to BBB by S&P on Virus, Oil Price Shocks|date=26 March 2020|publisher=Yahoo! Finance|url=https://finance.yahoo.com/news/mexico-downgraded-bbb-p-virus-223026532.html|access-date=31 March 2020|archive-url=https://web.archive.org/web/20200327035953/https://finance.yahoo.com/news/mexico-downgraded-bbb-p-virus-223026532.html|archive-date=27 March 2020|url-status=dead}} The Czech National Bank cut its bank rate by an additional 75 basis points to 1%.{{cite news|title=Czech central bank slashes key rate to 1%|date=30 March 2020|work=Budapest Business Journal|publisher=Absolute Media|url=https://bbj.hu/region/czech-central-bank-slashes-key-rate-to-1_180507|access-date=31 March 2020|archive-date=31 March 2020|archive-url=https://web.archive.org/web/20200331161938/https://bbj.hu/region/czech-central-bank-slashes-key-rate-to-1_180507|url-status=dead}} Singaporean Finance Minister Heng Swee Keat announced a second fiscal stimulus package of S$48 billion (US$33.7 billion).{{cite news|last=Sim|first=Dewey|title=Singapore unveils eye-catching US$33.7 billion stimulus to fight coronavirus and save jobs as recession looms|date=26 March 2020|work=South China Morning Post|publisher=SCMP Group|url=https://www.scmp.com/week-asia/health-environment/article/3077083/singapore-unveils-us337-billion-stimulus-fight|access-date=31 March 2020}} Indian Finance Minister Nirmala Sitharaman announced a $23 billion fiscal stimulus package.{{Cite news|last=Ahmed|first=Aftab|title=India outlines $23 billion stimulus to help poor hit by lockdown|date=26 March 2020|work=Reuters|url=https://www.reuters.com/article/us-health-coronavirus-india-stimulus/india-outlines-22-6-billion-economic-stimulus-to-help-poor-hit-by-lockdown-idUSKBN21D0YK|access-date=1 April 2020}} The Chinese government announced that it was implementing a $344 billion fiscal stimulus program.{{Cite news|title=China implementing $344 billion of mainly fiscal measures in coronavirus fight|date=26 March 2020|work=Reuters|url=https://www.reuters.com/article/us-health-coronavirus-china-measures/china-implementing-344-billion-of-mainly-fiscal-measures-in-coronavirus-fight-idUSKBN21D2I2|access-date=1 April 2020}}

On 27 March, Asia-Pacific stock markets finished with mixed closings,{{Cite news|last1=Huang|first1=Eustance|title=Australia stocks drop more than 5% in mixed day for Asia Pacific markets|date=26 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/27/asia-markets-coronavirus-dow-us-jobless-claims-currencies-in-focus.html|access-date=30 March 2020}} European stock markets closed down,{{Cite news|last1=Smith|first1=Elliot|title=European markets close lower as investors monitor coronavirus and stimulus measures|date=27 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/27/europe-markets-investors-monitor-coronavirus-and-stimulus-measures.html|access-date=30 March 2020}} and the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 all closed more than 3% down (while finishing up on the week).{{Cite news|last1=Imbert|first1=Fred|title=Dow drops more than 900 points on Friday, but still finishes higher for the week|date=27 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/26/stock-market-futures-open-to-close-news.html|access-date=30 March 2020}} Oil prices fell by 5% (and closed down for the fifth consecutive week),{{Cite news|last=Resnick-Ault|first=Jessica|title=Oil plunges posting fifth straight weekly loss despite stimulus efforts|date=26 March 2020|work=Reuters|url=https://www.reuters.com/article/us-global-oil/oil-gains-as-governments-pledge-support-amid-coronavirus-chaos-idUSKBN21E06Z?il=0|access-date=30 March 2020}} and yields on 10-year and 30-year U.S. Treasury securities fell to 0.77% and 1.36% respectively.{{Cite news|last1=Li|first1=Yun|last2=Smith|first2=Elliot|title=10-year Treasury yield falls below 0.8% as investors remain on edge about the coronavirus|date=27 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/27/treasury-yields-edge-lower-as-investors-weigh-coronavirus-spread-and-stimulus.html|access-date=30 March 2020}} The U.S. House of Representatives passed the $2.2 trillion fiscal stimulus package passed by the U.S. Senate on 25 March with U.S. President Donald Trump signing the bill into law the same day.{{Cite news|last1=Pramuk|first1=Jacob|title=Trump signs $2 trillion coronavirus relief bill as the US tries to prevent economic devastation|date=27 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/27/house-passes-2-trillion-coronavirus-stimulus-bill-sends-it-to-trump.html|access-date=1 April 2020}} The European Central Bank announced an additional €750 billion ($820 billion) in open market purchases of government bonds.{{cite news|last=Fairless|first=Tom|title=European Central Bank begins new bond purchases, throwing weight behind virus-hit nations|date=27 March 2020|work=Toronto Star|url=https://www.thestar.com/business/2020/03/27/european-central-bank-begins-new-bond-purchases-throwing-weight-behind-virus-hit-nations.html|access-date=1 April 2020}} The Bank of Canada cut its overnight rate by an additional 50 basis points to 0.25%.{{cite news|last=Hagan|first=Shelly|title=Bank of Canada cuts rate for third time to 0.25% in bid to shield economy from coronavirus fallout|date=27 March 2020|work=Financial Post|publisher=Postmedia Network|url=https://business.financialpost.com/news/economy/breaking-bank-of-canada-cuts-rate-emergency-move|access-date=1 April 2020}}

The Reserve Bank of India announced that it would cut its repo rate by 75 basis points to 4.4%.{{Cite news|last=Verma|first=Swati|title=RBI follows global banks, cuts repo rate by 75 bps to fight coronavirus|date=27 March 2020|work=Business Standard|publisher=Business Standard Ltd|url=https://www.business-standard.com/article/finance/rbi-follows-global-central-banks-cuts-repo-by-75-bps-to-fight-coronavirus-120032700292_1.html|access-date=31 March 2020}} The Central Bank of Brazil auctioned $610 million in foreign exchange spots,{{Cite news|title=Brazil's central bank sells $610 million in spot market intervention|date=27 March 2020|work=Reuters|url=https://www.reuters.com/article/brazil-forex/brazils-central-bank-sells-610-million-in-spot-market-intervention-idUSL1N2BK1KC|access-date=31 March 2020}} while Central Bank of Brazil President Roberto Campos Neto formally requested the legal authority to implement a quantitative easing program from the National Congress of Brazil.{{Cite news|last1=McGeever|first1=Jamie|last2=Ayres|first2=Marcela|title=UPDATE 2-Brazil central bank calls for emergency bond-buying powers|date=27 March 2020|work=Reuters|url=https://www.reuters.com/article/brazil-economy-cenbank/update-2-brazil-central-bank-calls-for-emergency-bond-buying-powers-idUSL1N2BK1GM|access-date=31 March 2020}}{{Cite news|title=Brazil central bank asks for authorization to buy debt directly|date=27 March 2020|work=Reuters|url=https://www.reuters.com/article/brazil-economy-cenbank/brazil-central-bank-asks-for-authorization-to-buy-debt-directly-idUSS0N2AV02J|access-date=31 March 2020}} Malaysian Prime Minister Muhyiddin Yassin announced a RM250 billion ($57 billion) fiscal stimulus package.{{Cite news|last=Leong|first=Trinna|title=Malaysia announces $83.6b stimulus package to deal with coronavirus fallout|date=27 March 2020|work=The Straits Times|url=https://www.straitstimes.com/asia/se-asia/malaysia-announces-rm250-billion-stimulus-package-to-deal-with-coronavirus-fallout|access-date=31 March 2020}}{{cite news|last=Sukumaran|first=Tashny|title=Malaysia unveils massive US$57 billion economic stimulus package|date=27 March 2020|work=South China Morning Post|publisher=SCMP Group|url=https://www.scmp.com/week-asia/economics/article/3077270/coronavirus-malaysia-unveils-massive-us57-billion-economic|access-date=1 April 2020}} The South African government's credit rating was downgraded by Moody's to Ba1 (its highest non-investment grade).{{Cite news|title=Moody's downgrades SA to junk|date=27 March 2020|publisher=CNBC Africa|url=https://www.cnbcafrica.com/sa-downgrade/2020/03/27/moodys-downgrades-sa-to-junk/|access-date=31 March 2020|archive-date=30 March 2020|archive-url=https://web.archive.org/web/20200330125148/https://www.cnbcafrica.com/sa-downgrade/2020/03/27/moodys-downgrades-sa-to-junk/|url-status=dead}} The Central Bank of Russia announced a ₽150 billion ($1.92 billion) credit-line program for small- and medium-sized business.{{cite news|title=Russian central bank allocates $2 bln for small, medium firms to pay salaries|date=27 March 2020|work=National Post|publisher=Postmedia Network|url=https://nationalpost.com/news/canada/russian-central-bank-allocates-2-bln-for-small-medium-firms-to-pay-salaries|access-date=1 April 2020}} Sveriges Riksbank announced that it would conduct kr20 billion ($2.01 billion) of open market purchases of covered bonds.{{Cite news|title=Swedish c.bank to buy covered bonds for SEK 20 bln next week|date=27 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-sweden-cenbank/swedish-cbank-to-buy-covered-bonds-for-sek-20-bln-next-week-idUSFWN2BK1EO|access-date=1 April 2020}}

"In the 33 days between 19 February and 23 March, the FTSE All-Share Index fell by 33 per cent [...] The MSCI World Index declined by 34 per cent."{{cite book |first=Jonathan |last=Davis |title=The Investment Trusts Handbook 2021 |year=2020 |publisher=Harriman House |isbn=9780857198952 |page=96 }}

Over the preceding weekend, the Central Bank of Taiwan announced a T$200 billion ($6.6 billion) credit-line program to small and medium-sized businesses,{{Cite news|title=Taiwan central bank to use 'appropriate' monetary tools to deal with virus|date=28 March 2020|work=Reuters|url=https://uk.reuters.com/article/uk-health-coronavirus-taiwan-cenbank/taiwan-central-bank-to-use-appropriate-monetary-tools-to-deal-with-virus-idUKKBN21F08I|archive-url=https://web.archive.org/web/20200329055515/https://uk.reuters.com/article/uk-health-coronavirus-taiwan-cenbank/taiwan-central-bank-to-use-appropriate-monetary-tools-to-deal-with-virus-idUKKBN21F08I|url-status=dead|archive-date=29 March 2020|access-date=1 April 2020}} while the Bank of Korea announced that it would conduct a $12 billion U.S. dollar-funding operation at auctions to South Korean banks.{{Cite news|title=Bank of Korea to offer $12 bln in dollar lending from Fed currency swap|date=28 March 2020|publisher=Yahoo! Finance|url=https://finance.yahoo.com/news/bank-korea-offer-12-bln-030000433.html|access-date=1 April 2020}} The South African Reserve Bank announced that it would ease banking accounting and capital regulations to release R300 billion in credit,{{Cite news|last1=Sguazzin|first1=Antony|last2=Vollgraaff|first2=Rene|title=SA eases bank rules to free R300bn for loans|date=29 March 2020|website=Moneyweb|publisher=African Media Entertainment|url=https://www.moneyweb.co.za/news-fast-news/sa-eases-bank-rules-to-free-r300m-for-loans/|access-date=1 April 2020}} while the Bank of Israel announced that it would ease its capital requirements to facilitate greater lending by its banking system as well.{{Cite news|title=UPDATE 1-Israel eases capital requirements so banks can lend more to economy|date=29 March 2020|work=Reuters|url=https://www.reuters.com/article/health-coronavirus-israel-banks/update-1-israel-eases-capital-requirements-so-banks-can-lend-more-to-economy-idUSL8N2BM0EB|access-date=1 April 2020}}

On Monday, 30 March 2020, Asia-Pacific stock markets closed mostly down while European stock markets closed mostly 1% higher,{{Cite news|last1=Huang|first1=Eustance|title=Australia stocks surge 7% as investors assess economic impact of coronavirus pandemic|date=30 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/30/asia-markets-coronavirus-global-economy-currencies-in-focus.html|access-date=30 March 2020}}{{Cite news|last1=Smith|first1=Elliot|last2=Ellyatt|first2=Holly|title=European markets extend gains after choppy session to close over 1% higher|date=30 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/30/european-markets-poised-to-start-week-on-negative-footing-as-coronavirus-remains-in-focus.html|access-date=30 March 2020}} and the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 all closed more than 3% higher.{{Cite news|last1=Imbert|first1=Fred|title=Stocks continue their rebound from coronavirus plunge, Dow jumps 3%|date=30 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/29/stock-market-futures-open-to-close-news.html|access-date=30 March 2020}} Oil prices fell by more than 6% to an 18-year low,{{Cite news|last1=Stevens|first1=Pippa|title=Oil drops more than 6% to 18-year low as global demand evaporates|date=30 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/30/oil-falls-to-back-to-18-year-lows-below-20-as-global-demand-evaporates.html|access-date=30 March 2020}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 0.66% and 1.24% respectively (while their yield curve remained normal).{{Cite news|last1=Li|first1=Yun|last2=Smith|first2=Elliot|title=10-year Treasury yield falls below 0.7% as coronavirus shutdowns set to drag on|date=30 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/30/treasury-yields-fall-with-coronavirus-shutdowns-set-to-drag-on.html|access-date=30 March 2020}}

On 31 March, Asia-Pacific stock markets finished with mixed closings while European stock markets closed up,{{Cite news|last1=Huang|first1=Eustance|title=Stocks in Asia Pacific mixed; China manufacturing activity rebounds in March|date=31 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/31/asia-markets-china-official-pmi-coronavirus-global-economy-in-focus.html|access-date=31 March 2020}}{{Cite news|last1=Smith|first1=Elliot|last2=Ellyatt|first2=Holly|title=European shares close higher on China data, but log worst first quarter ever|date=31 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/31/european-markets-set-to-open-higher-as-sentiment-buoyed-by-china-data.html|access-date=31 March 2020}} and the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 all fell by more than 1% (with the Dow closing to its worst one-quarter decline in history).{{Cite news|last1=Imbert|first1=Fred|last2=Li|first2=Yun|title=Stocks extend losses in final hour of trading, Dow falls 400 points to end worst-ever first quarter|date=31 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/30/stock-futures-are-flat-following-rebound-from-coronavirus-sell-off.html|access-date=31 March 2020}} Oil prices rose by 2% (but closed at their worst one-month and one-quarter declines in history),{{Cite news|title=Oil gains nearly 2%, but posts worst month and quarter on record|date=31 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/31/oil-markets-us-russia-oil-market-talks-in-focus.html|access-date=31 March 2020}} while the yields on 10-year and 30-year U.S. Treasury securities rose to 0.68% and 1.34% respectively.{{Cite news|last1=Franck|first1=Thomas|last2=Li|first2=Yun|title=10-year Treasury yield rises slightly as volatile first quarter ends|date=31 March 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/31/treasury-yields-rise-10-year-below-0point7percent-as-coronavirus-crisis-deepens.html|access-date=31 March 2020}}

On 1 April, Asia-Pacific and European stock markets closed mostly down,{{Cite news|last1=Huang|first1=Eustance|title=Japan stocks drop more than 4%; private survey of China's manufacturing activity beats expectations|date=1 April 2020|publisher=CNBC|url=https://www.cnbc.com/2020/04/01/asia-markets-coronavirus-china-caixin-pmi-oil-and-currencies.html|access-date=1 April 2020}}{{Cite news|last1=Smith|first1=Elliot|last2=Ellyatt|first2=Holly|title=European shares close 3% lower after US warns of soaring coronavirus death toll; banks fall 6%|date=1 April 2020|publisher=CNBC|url=https://www.cnbc.com/2020/04/01/european-markets-set-to-open-lower-after-us-warns-of-soaring-coronavirus-death-toll.html|access-date=1 April 2020}} while the Dow Jones Industrial Average, the NASDAQ Composite, and S&P 500 all closed 5% down.{{Cite news|last1=Imbert|first1=Fred|last2=Fitzgerald|first2=Maggie|title=Stocks hit session lows in final hour, with the Dow down 1,100 points|date=1 April 2020|publisher=CNBC|url=https://www.cnbc.com/2020/03/31/stock-market-futures-open-to-close-news.html|access-date=1 April 2020}} Oil prices fell,{{Cite news|title=Oil falls on oversupply fears and US inventory growth|date=1 April 2020|publisher=CNBC|url=https://www.cnbc.com/2020/04/01/oil-markets-crude-output-in-focus.html|access-date=1 April 2020}} while the yields on 10-year and 30-year U.S. Treasury securities fell to 0.61% and 1.23% respectively (while their yield curve finished normal).{{Cite news|last=Smith|first=Elliot|title=10-year Treasury yield falls to 0.6% as the coronavirus crisis deepens|date=1 April 2020|publisher=CNBC|url=https://www.cnbc.com/2020/04/01/treasury-yields-fall-as-the-coronavirus-crisis-deepens.html|access-date=1 April 2020}}

On 9 April, Saudi Arabia and Russia agreed to oil production cuts.{{cite news |title=Saudi Arabia and Russia Reach Deal to Cut Oil Production |url=https://foreignpolicy.com/2020/04/10/saudi-arabia-russia-deal-cut-oil-production/ |work=Foreign Policy |date=10 April 2020}}{{cite news |title=Saudi, Russia agree oil cuts extension, raise pressure for compliance |url=https://www.reuters.com/article/us-oil-opec/saudi-russia-agree-oil-cuts-extension-raise-pressure-for-compliance-idUSKBN23A1OU |work=Reuters |date=3 June 2020}} Reuters reported that "If Saudi Arabia failed to rein in output, US senators called on the White House to impose sanctions on Riyadh, pull out US troops from the kingdom and impose import tariffs on Saudi oil."{{cite news |title=Saudi Arabia, Russia Agree to Record Oil Cut Under US Pressure as Demand Crashes |url=https://www.voanews.com/a/economy-business_saudi-arabia-russia-agree-record-oil-cut-under-us-pressure-demand-crashes/6187297.html |work=VOA News |agency=Reuters |date=9 April 2020}}

On 11 June, the Dow Jones Industrial Average plunged 1861 points, around 7%,{{cite web |last1=McCormick |first1=Emily |url=https://finance.yahoo.com/news/stock-market-news-live-june-11-2020-222011316.html |title=Stock market news: Dow plunges 1,861 points, or 7%, for worst day since mid-March |website=Yahoo |date=11 June 2020 |publisher=Yahoo Finance |access-date=13 June 2020}} as fears of a second wave of COVID-19 along with a press conference from Federal Reserve chairman Jerome Powell on the previous day weighed on investor sentiment.

The Dow Jones Industrial Average rose throughout August 2020, reaching a peak of 29,199 points on 3 September 2020 at 9:48 EST before plunging nearly 1,000 points throughout the remainder of the day. On 16 September, Jerome Powell and the FOMC gave their final economic projections, which led the DJIA falling approximately 4% over the next three days. Throughout September, the DJIA saw a substantial −9% retreat amidst growing fears of a second COVID-19 infection wave, lack of federal stimulus outlook, and U.S. election instability. However, optimism soon recovered, and the DJIA and S&P 500 both closed 2020 at all-time highs of

30,606 and 3,756 respectively.{{cite web | url=https://www.marketwatch.com/story/dow-sp-500-close-out-historic-2020-at-records-nasdaq-composite-clinches-best-annual-return-in-11-years-2020-12-31 | title=Dow, S&P 500 close out historic 2020 at records; Nasdaq Composite clinches best annual return in 11 years | author=DeCambre, Mark | work=MarketWatch | access-date=21 March 2021 | date=31 December 2020}} The MSCI ACWI Index also had recovered to its February peak by September 2020, and closed 2020 at an all-time high of 645 points.{{cite web | url=https://www.msci.com/acwi | title=MSCI ACWI Index | work=msci.com | access-date=3 March 2021}}

{{Portal|Business}}

• COVID-19 recession
• Economic impact of the COVID-19 pandemic
• Financial market impact of the COVID-19 pandemic
• 2020 congressional insider trading scandal
• List of stock market crashes and bear markets
• Stock market crashes in India

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Category:2020 in economic history

Category:February 2020

Category:March 2020

Category:April 2020

Category:Financial crises

Category:Economic impact of the COVID-19 pandemic in the United States

Category:Stock market crashes