Business

Stocks plunge despite Fed’s emergency intervention

By Jay Heflin
Published March 3, 2020 9:11pm ET
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Stocks plunge despite Fed’s emergency intervention
Specialist Gregg Maloney works at his post on the floor of the New York Stock Exchange on Wednesday. Stocks are extending their slump on Wall Street, led by drops in big technology companies, as rising bond yields draw investors out of stocks. | (AP Photo/Richard Drew)

U.S. stocks tumbled Tuesday despite the Federal Reserve’s emergency enactment of an interest rate cut meant to reassure markets that the coronavirus outbreak wouldn’t lead to a downturn.

The Dow Jones Industrial Average was down 2.97% at closing, losing nearly 800 points.

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COVID-19 Dow Jones Federal Reserve Finance Jerome Powell Monetary Policy