U.S. stocks tumbled nearly 3% after the Federal Reserve made an emergency rate cut to blunt the impact of coronavirus on the world's largest economy
- Wall Street tumbled in a volatile session on Tuesday after the U.S. Federal Reserve surprised investors with a half percentage-point cut in interest rates, amplifying fears about the magnitude of the coronavirus’ impact on the economy.
Stocks had initially jumped more than 1%, but then dropped as traders worried whether pumping more money into financial markets would address the central problem - a drop in business activity as workers and consumers stay home. The 10-year Treasury yield fell below 1% for the first time ever as nervous investors moved money out of the stock market.
Traders work on the floor at the New York Stock Exchange in New York, U.S., March 3, 2020. REUTERS/Brendan McDermid The Dow Jones Industrial Average dropped 2.94% to end at 25,917.41 points, while the S&P 500 lost 2.81% to finish at 3,003.37.Like other recent sessions, volume was heavy on U.S. exchanges, with 14.7 billion shares changing hands compared with a 9.8 billion-share average for the last 20 days.
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