US stock market plunges

(Photo: Philip Fong/AFP via Getty Images)

The coronavirus is having a massive impact on the global stock markets.

The US stock market has temporarily halted trading after the S&P 500 index dropped 8 per cent on opening. This is the third time in six days this has happened.

The so-called “circuit breaker” is triggered automatically for 15 minutes when stocks fall 7 percent in morning trading.

The Dow Jones Industrial Average also plunged, falling 9.7 percent.

This comes despite central banks around the world announcing a coordinated effort to ease the economic and financial effects of the coronavirus.