Volatility remains off the charts with Wall Street down around 9 per cent as markets continue to grapple with the ramifications of covid-19. The kiwi dollar meanwhile could be heading to parity against the Aussie.
The Dow Jones Industrial average was down 9.6 per cent, while the Nasdaq was down 8.9 per cent and the S&P 500 was also down 9 per cent at 8am in Wellington.
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Stocks in the US were pounded after the US Federal Reserve's move to cut rates by 100 basis points and resume money printing yesterday amplified fear about the impact of the virus.
Trading on Wall Street was again halted for 15 minutes shortly after the open when the S&P 500 index crossed the 7 per cent threshold.