Wall Street Pounded As Coronavirus Crisis Worsens
By Caroline Valetkevitch
NEW YORK (Reuters) – U.S. stocks fell sharply on Monday as the Federal Reserve’s drastic move to cut interest rates to near zero fuelled anxiety over the extent of economic damage from the coronavirus pandemic.
The Fed’s second emergency interest rate cut in less than two weeks and its pledge to purchase more than $700 billion in assets came late on Sunday, ahead of its scheduled policy meeting on Tuesday and Wednesday. It added to the alarm about the pandemic that has paralysed parts of the global economy and squeezed company revenue.
Investors are worried over how effectively policymakers will be able to mitigate the economic damage from the spreading virus.
The market is down despite the Fed’s move because “this is a different type of crisis. Lower rates will …continued .
[Source: Huffington Post]