Trader Michael Milano, center, works on the floor of the New York Stock Exchange, Friday, March 6, 2020.

Trader Michael Milano, center, works on the floor of the New York Stock Exchange, Friday, March 6, 2020. / AP

Stocks plunged 7% on Wall Street Monday, triggering a trading halt for 15 minutes.

The steep drop followed similar falls in Europe after a fight among major crude-producing countries jolted investors already on edge about the widening fallout from the outbreak of the new coronavirus. Indexes in London and Frankfurt dropped by more than 7%.

The benchmark for Italy, where the industrial and financial heartland was put in lockdown, fell 11%. Oil prices are down about 20%, deepening a rout that began when Saudi Arabia, Russia and other producers failed to agree on cutting output. Bond yields sank to new lows.

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