Trading on Wall Street was halted immediately after the opening bell Monday, as stocks posted steep losses following emergency moves by the Federal Reserve to try to avert a recession due to the coronavirus pandemic.

A trader works on the floor of the New York Stock Exchange (NYSE) shortly before the opening of trading in New York, U.S., March 13, 2020. (Photo: VCG)

Just after the opening bell, the S&P 500 was at 2,490.47, a drop of 8.1 percent and beyond the seven percent loss that automatically triggers a 15-minute trading halt.

The Dow Jones Industrial Average fell 9.7 percent, or around 2,250 points, to 20,935.16, while the tech-rich Nasdaq Composite Index tumbled 6.1 percent to 7,392.73.