NEW YORK (AP) — Dow drops 7.8%, worst fall since 2008, as free-fall in oil price and worsening fears of fallout from virus seize markets.

Stocks went into a steep slide Monday on Wall Street as coronavirus fears and a crash in oil prices spread alarm through the market, triggering the first automatic trading halt in over two decades.

The price of oil sank 20% after Russia refused to roll back production in response to falling demand and Saudi Arabia signaled it will ramp up its own output. Europe fell into a bear market, closing the day with the heaviest losses since the 2008 financial crisis. U.S. stocks are down 18% from the peak they reached last month. Bond yields plumbed new lows as investors sought safety.