Global Market Impact of COVID-19

The financial markets have experienced significant turmoil due to the coronavirus pandemic, exemplified by the Dow's record drop of 2,000 points. This decline is heavily influenced by a major conflict between Saudi Arabia and Russia, which led to a dramatic fall in oil prices after both countries increased supply amidst collapsing demand. As lockdowns and travel bans spread globally, the demand for oil diminished sharply, resulting in prices plunging by 30% in a single day. This situation highlighted the interconnectedness of health crises and economic stability, showing that the ripple effects can lead to catastrophic outcomes across various industries.