Wall Street experiences largest point drop in history

The drop was sparked by uncertainty around the coronavirus and an oil price war that was set off this weekend when Saudi Arabia cut prices.
3:17 | 03/10/20

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Transcript for Wall Street experiences largest point drop in history
Good evening. Great to have you with us. Tonight, major news unfolding on several fronts when it comes to the coronavirus in the U.S. States of emergency across several states. Some members of congress in self-quarantine. And the Dow falling 2,000 points, the biggest one-day point drop ever. Some economists warning this could send the economy into a recession. The plunge so steep at the opening bell, trading halted. There are cases in 36 states and the district of Columbia, at least 9 declaring states of emergency. Thousands about to enter quarantine, as the ship has been allowed to dock in Oakland, California. Where are the sick being taken? And the thousands taken to four locations in the U.S. For quarantine. We will carefully take you through this all tonight. We begin with the dive on wall Street, and the concern over oil prices. Rebecca Jarvis from Wall Street Reporter: Tonight, uncertainty over the coronavirus causing a free-fall on wall Street. The Dow experiencing its largest point drop in history, and the worst percentage loss since the great recession. The New York stock exchange opening with smiles and elbow bumps instead of handshakes, but within minutes, stocks halted after plunging more than 7%. Hitting so-called circuit breakers -- a safety mechanism meant to keep the markets from taking a nosedive. You're down 7%. You have a 15-minute halt. Reporter: At the forefront, uncertainty surrounding the coronavirus. The effect of this virus is very broad-based and doing a lot of damage to the broader economy. Reporter: Those concerns exacerbated by a price war in oil set off over the weekend when Saudi Arabia cut prices. The move sending U.S. Oil plunging 25% to $31 a barrel, potentially eating into profits of energy producers, which employ 6.7 million people. Other hard hit-industries -- airlines, cruises, with so many now limiting travel. The largest tech companies wiping out more than $320 billion in value. A number of analysts now concerned without fiscal stimulus, we could be headed for a recession. If we're going into recession, we've probably already started one. Alarming words today from some economists, predicting a recession. And perhaps entering one right now. Rebecca, the white house is calling bank executives and CEOs to the white house for a meeting? Reporter: That's right. The president is set to meet with them on Wednesday afternoon as the white house contemplates stimulus, including paid family leave for workers who have been quarantined and school closings. Rebecca, thank you.

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

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