March 9, 2020 - 11:25 AM EDT
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Stock Market News: BP, Cabot Diverge in Crude Oil Rout

The stock market got off to a bad start Monday morning, falling as much as 7% before trading curbs kicked in to cause a 15-minute halt shortly after the market opened. Following the pause, investors seemed more comfortable with the declines, and indexes actually regained a bit of ground. Nevertheless, as of 11 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 1,682 points to 24,183. The S&P 500 (SNPINDEX: ^GSPC) fell 187 points to 2,786, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) dropped 505 points to 8,070.

Coronavirus fears continued to hurt market sentiment, but over the weekend, a new factor hit the financial markets, as OPEC and Russia failed to reach agreement on a deal to try to reverse the recent slide in crude oil prices. As a result, the oil market plunged. That was bad news for oil giants like BP (NYSE: BP), but it brought a surprisingly positive reception from shareholders in natural gas producers like Cabot Oil & Gas (NYSE: COG).

Shares of BP plunged 18% following bad news from the oil markets. Crude oil futures were down $7 per barrel Monday morning, bringing prices to about $34 per barrel, and oil had traded below the $30 mark overnight.

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Source: Motley Fool (March 9, 2020 - 11:25 AM EDT)

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