Investors worried the coronavirus pandemic is paralyzing supply chains and squeezing company finances.
Trading on Wall Street’s three main stock indexes was halted for 15 minutes shortly after the open as the S&P 500 index plunged 8%, crossing the 7% threshold that triggers an automatic cutout.NEW YORK - U.S. stocks fell sharply on Monday as the Federal Reserve’s drastic move to cut interest rates to near zero fueled anxiety over the extent of economic damage from the coronavirus pandemic.
The market is down despite the Fed’s move because “this is a different type of crisis. Lower rates will not create demand when people are home,” said Solita Marcelli, deputy chief investment officer for the Americas at UBS Global Wealth Management. Trading on Wall Street’s three main stock indexes was halted for 15 minutes shortly after the open as the S&P 500 index plunged 8%, crossing the 7% threshold that triggers an automatic cutout.
Heavyweights Apple Inc , Microsoft Corp and Facebook Inc were among the biggest drags on the S&P 500. Nike Inc , Lululemon Athletica Inc and Under Armour Inc said they would close stores in the United States and some other markets, dragging the S&P 500 retail index sharply lower.
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