Stocks took heavy losses Tuesday after the Federal Reserve took emergency action to cut interest rates and boost the economy through a potential coronavirus slowdown.
The Dow Jones Industrial Average plunged 786 points, a 2.9 percent loss, while the S&P 500 and Nasdaq composite sunk 2.8 percent and 3 percent, respectively. Tuesday’s losses cut more than half the gains from a massive Monday rally that saw all three major indexes rise more than 4.5 percent each.
Trading kicked off with a volatile start Tuesday before the Fed announced it would cut interest rates by half a percentage point, more than double the typical monetary policy adjustment. It was the Fed’s first interest rate cut issued between policy meetings since 2008, and analysts expect another cut following the bank’s upcoming meeting on March 17 and 18.
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Fed rate cut fails to halt plunging stocks https://t.co/KIGJylF1by pic.twitter.com/SIW6u9Mdg8
— The Hill (@thehill) March 3, 2020
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