(FOX NEWS) -- U.S. equity markets were halted Monday morning after the S&P 500 plunged 7 percent as an oil price war between Saudi Arabia and Russia sent crude prices crashing.
The stoppage occurred with the Dow Jones Industrial Average down by 1,884.88 points, or 7.29 percent, while the S&P 500 and Nasdaq Composite were down 7 percent and 6.86 percent, respectively. Trading, which was already halted for 15 minutes will see another stoppage if the S&P 500 trades down 13 percent.
The steep slide caused the New York Federal Reserve to increase its daily cash injections into the banking system to $150 billion from $100 billion.
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