NEW YORK, March 9 (Xinhua) -- U.S. stocks plunged in early trading on Monday as investors fled the market amid anxieties for a possible all-out oil price war and economic slowdown from the spreading coronavirus.

All the three major indexes tumbled more than 7 percent a few minutes after the markets open. Massive sell-off triggered a key market circuit breaker, and trading was halted for 15 minutes.

Equities pared some losses after trading resumed. The Dow cratered nearly 1,400 points, or more than 5 percent at one time, when the S&P 500 dropped 4.87 percent and the Nasdaq declined 4.48 percent.

Investors continued to seek safer assets. The yield on the benchmark 10-year Treasury note dropped below 0.5 percent, hitting a record low. Yields move inversely to prices.

The Cboe Volatility Index, widely considered as the best fear gauge in the stock market, spiked over 39 percent to over 58.

Saudi Arabia announced massive discounts to its official selling prices for April over the weekend, and is reportedly ready to raise its production above the 10 million barrel per day level.

The move came after the Organization of the Petroleum Exporting Countries (OPEC) failed to strike a deal with its allies, led by Russia, about oil production cuts last week.

Oil prices took a blow on Monday. The West Texas Intermediate for April delivery decreased more than 18 percent to trade at 33.88 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery fell nearly 19 percent to trade at 36.70 dollars a barrel on the London ICE Futures Exchange.

All of the 11 primary S&P 500 sectors traded in red territory, with energy and financials slashing 16.57 percent and 8.53 percent, respectively, leading the laggards.

Twenty-eight of the 30 Dow component companies traded lower at midday, with the Dow Inc. and Chevron erasing 16.73 percent and 13.18 percent, respectively, leading the laggards. Enditem

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