Johannes Eisele/AFP via Getty ImagesThe stock market plunged again on Monday, with steep losses triggering an early halt in trading even after the Fed’s massive interest rate cut did little to stem Wall Street fears over slowing economic growth due to the coronavirus pandemic.
The Dow Jones Industrial Average was down almost 10% on Monday morning, while the S&P 500 and Nasdaq dropped by over 8% and 6%, respectively., halting trading soon after opening: Pre-market futures showed that would happen, with all three major indexes hitting their limit-down levels of 5% or lower.and announced that it would purchase $700 billion in government debt in an extraordinary effort to stabilize the U.S. economy.
The new target benchmark for the federal funds rate is now at its lowest level since 2015, sitting betweenIn a press conference on Sunday night, Fed chair Jerome PowellThe move comes after the Fed said last Thursday that it would into the overnight repo market—a bid to preserve liquidity in the banking system—as coronavirus continues to roil markets.While investors have been trying to gauge the economic impact of the coronavirus pandemic, one of the first indicators is a
from the New York Federal Reserve, which shows business conditions falling to their lowest level since 2009. The decline from February to March was the largest on record.“Stocks are suffering enormous losses so far this morning as a series of emergency central bank measures failed to stabilize sentiment,” according to Vital Knowledge founder Adam Crisafulli.
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StephGraceBrown
wow, it's the great trumpression... Good thing I got baby wipes since all the toilet paper was gone... I hope someone bought stock in toilet paper.
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