US stocks ended sharply lower on Monday, with the Dow posting its worst point drop in history and falling to its lowest level in nearly three years. Instead of soothing the markets, another emergency interest rate cut from the Fed had the opposite effect.
New York US stocks ended sharply lower on Monday, with the Dow posting its worst point drop in history and falling to its lowest level in nearly three years. Worries mounted that central banks' emergency measures over the weekend meant the economy is in much worse shape than previously believed.
Instead of soothing the markets, another emergency interest rate cut from the Federal Reserve had the opposite effect.Stocks tripped a circuit breaker at the New York open, with the S&P 500 falling more than 7%. Trading was halted for 15 minutes.The market remained in the red all day and sold off further in the last hour of trading, as President Donald Trump said the coronavirus outbreak could last until July or August.The S&P 500 closed down nearly 12%, while the Dow fell 12.
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