The New York Stock Market plunged shortly after opening on Wednesday, triggering a circuit breaker that suspended trading.

Circuit breakers are devices that stop trading to mitigate the impact on the market when stock prices surge.

The main index of the New York stock market plunged with the opening at 9:30 am, stopping trading in about four minutes.

The Dow Jones 30 Industrial Average slumped 7.29% from the previous trading day and the S & P 500 slipped 7%.

The technology-driven Nasdaq index stopped trading at 7,987.44, down 6.86%.

Suspended New York stock trading resumed 15 minutes later, at 9:49 am, and has since plunged 5-6 percent.

The sudden drop in stock prices, in addition to concerns over the Corona 19 crisis, is attributed to the 30% drop in international oil prices.

As oil-producing countries debate oil cutbacks, Saudi Arabia has lowered its crude oil prices and suggested possible increases.

Ten major oil producers, including the Organization for Petroleum Exporting Countries and Russia, discussed further cuts on June 6 as demand for crude oil decreased due to the spread of Corona19.