Panic selling opened on all securities Monday morning, which triggered 15-minute halt as circuit breakers kicked in on all major indices.

This despite the Federal Reserve slashing the Fed Fund Rate to zero on Sunday. The Fed’s bazooka shot threw global markets violently into the red when it was announced.

The concern is that the Fed no longer has the positive muscle to move markets with its measures now.

At 10AM the Dow Jones was down 10.2% while the S&P 500 declined 10%. Crude oil fell 8% to $29.20. Gold was down $45 or 2.8%, while silver was off 12.4% to $12.66

At the close the Dow was down 2,997 points or 13%. Nasdaq and S&P 500 were down a little less sharply on a percentage basis.