Dow plunges 9% even after emergency Fed rate cut, trading briefly halted after the open
Stocks fell sharply Monday even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak.
The S&P 500 dropped 8.6% while the Dow Jones Industrial Average fell 2,128 points, or 9.2%. The Nasdaq Composite traded 9.1% lower. The major averages were off their session lows, however. The S&P 500 fell as much as 11.4% while the Dow lost more than 12% earlier. The Nasdaq was briefly down 11.7%.
Monday’s losses put the Dow down 28% from its all-time high and the S&P 500 and Nasdaq more than 26% below their records last month. At one point, the Dow was down 30% from its record.
Trading was halted for 15 minutes shortly after the open as a then-8.14% drop on the S&P 500 triggered a so-called circuit breaker. It was the third time in …continued .
[Source: CNBC News]