Dow suffers worst day since 2008

The Dow Jones Industrial Average closed Monday's trading session down 2,000 points or 7.8% amid coronavirus fears and the steep sell-off in crude oil.
7:00 | 03/09/20

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Transcript for Dow suffers worst day since 2008
This is an ABC news special report. Dell reported George stuff. Good afternoon we're coming in here now in breaking news from Wall Street that is the scene at the Dow Jones industrial right now. About a minute from the close of the markets the Dow headed for its worst single day point loss since. The Great Recession back in 2008 there you see down almost 2000 points seven and a half percent. Concern over that spreading corona virus all over the world a global price a price war. In oil set off by Saudi Arabia and Russia and the possible freezing up. I've credit markets all conspiring. For this huge drop in the Dow Jones today capping off. Drops in financial markets around the world the beginning Asia almost 24 hours ago want to go to Rebecca Jarvis on the floor of the stock exchange right now. The fear of corona virus continues fed concern about a global recession. Wall Street today George a historic day the largest point drop in history with stocks falling more than due 2000 points. During the trading session and the worst day for stocks on a percentage basis since the Great Recession in the financial crisis and here on Wall Street. The overarching theme has banned the unknowns the uncertainties surrounding this virus and the fact that two Danes. Wall Street still doesn't believe we have the data surrounding the virus itself to know that we're fully out of the woods here George. You write a well what we're seeing music that was combined as I said with that price war in oil settle for Saudi Arabia. And Russia and the signals were seen from the bottom up from the bond market that a recession could spread around the world. Exactly and and part of that price war. Be an over the weekend OPEC had a meeting to address the falling price of oil in the face of the corona virus the corona virus weighs on demand when factories are closed people are traveling. Consumers are out in about. That weighs on oil in the thinking was over the weekend OPEC would meet and find ways to support oil prices instead the saudis walked from the tops. And started a price war with Russia that has weighed very heavily on wheel today which closed down more than 20% at 31 dollars a barrel and keep in mind they are six point seven million people in America that worked at energy companies with oil prices at these levels at least some of those jobs are potentially at risk George and the bigger question going forward are the industries that have been impacted by this now of course. We do hear about the energy industry but so far we've seen it in the cruise industry we've seen it in the airline industry we've seen so many companies Warren. That their operations overseas in China have been impacted by this. And so many companies have now told their employees to stay home. Apple Amazon Microsoft among those companies. Also companies canceling conferences. And the question many economists are now asking he is. As people stay home as choices are made about whether to go out to dinner or whether to go to a movie weather go to a sporting event. That all has a ripple of fact on the economy. And today especially you were starting to hear from analysts. Like Mark Zandi the chief economist at Moody's saying without some form of fiscal stimulus the economy very well could face a recession. This year George. Thank you reckon that as the White House considering emergency ration the measures emergency stimulus measures now. They would have to work with congress on to spark to stimulate. This economy wanna go to Jon Karl in Washington more on that the president coming back. From Florida taken of me with his economic advisors afternoon. That's right George Lee also plans to meet with CEOs of major companies on Wednesday. Were told are looking at a range of potential. Options to drive some economic stimulus here the way Larry Kudlow is top economic advisor has put it. These would be timely targeted to where we can do the most good so. Potentially. He said efforts. But to help the airline industry which is obviously expected to be hit very hard by all of this also small business owners. Those are the type of measures that are being considered at the White House nothing announced yet but but as you mentioned meeting with his economic team today at the White House. And we expect to see CEOs of some of the nations our largest corporations at the White House. On Wednesday and and that's what the White House is good is considering you've also Democrats in congress talk about possible stimulus measures as well including get paid family leave for workers who might have to work from home aren't able. To get into continued to have child care for their children are home. From school any chances of bipartisan cooperation here. Yes George it that we're talking about paid sick leave a particular people have to stay home. Why and will not be paid while they're staying home this is as you mentioned so they've spent talked about by. Members a congress but democratic leaders in congress. And we're told the White House is also looking into this as well swipe could see a potential bipartisan agreement on that. Let's take a look at what we know now about the spread of the corona virus around the world over a 113 thousand cases around the world close to 4000. Deaths. In at least a 111 countries right now. Here in the United States 600 syndicate at seven cases 26. Deaths in 36 states want to bring in gen Ashton. On the phone right now Rebecca mentioned it so much is unknown about this virus but we know the spread. Has not stopped especially here in the United States. Exactly George and I think what people need to remember is at least. Here these numbers go up we do expect them to rise and rise significantly. As the testing process becomes more mainstream and there had KNX. Many challenges and obstacles logistically and continue to be. By the way with the testing process but to more people you test to more cases we will see what's gonna be really important that we had a from the beginning. It's a noxious smelling the positive cases and the confirmed cases. But how many tests are being run and how many people have been exposed and are infected. Scalpel to gave give us a better grasp on how common it is. And what to penetrate and an incidence and prevalence is in our society until we have a better grasp on those numbers. It's hard to put it into the clinical context of knowing how significant. A viruses but as you know this virus is brand new less than three months old we don't have a crystal ball and we don't know. Really but will be haven that's causing medical and scientific uncertainty. Certainly all over the world yeah national thanks very much in the news from Wall Street right now it more than 2000 point drop the worst point drop in the Dow in history the worst day. In the market since the financial crisis in 2008. Our coverages are to continue on ABC news live in a full report tonight. How world news tonight were David Muir. Have a good afternoon. This has been a special room. From meetings.

This transcript has been automatically generated and may not be 100% accurate.

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