The stock markets suffered stunning declines Monday — with the Dow Jones industrial average losing 2014 points — as the threat of a coronavirus-fueled oil war and ongoing panic about the spreading disease grew and triggered a rare forced halt to trading early in the session.

The Dow Jones industrial average cratered 7.8 percent to close at 23,851. The S&P 500, a broader measure of stocks, shed 7.6 percent by the close and the tech-heavy Nasdaq tumbled 7.3 percent.

The New York Stock Exchange tripped the so-called “circuit breaker” at a time of relentless volatility for global markets, which have been battered for weeks as the coronavirus outbreak continues to unfold. The forced 15-minute break initially appeared to have a stabilizing effect, but selling resumed before the end of the regular trading.