Dow Plunges in Spite of Emergency Rate Cut

Falls 785 points after Fed move
By Newser Editors and Wire Services
Posted Mar 3, 2020 3:00 PM CST
Dow Plunges in Spite of Emergency Rate Cut
Trader John Santiago works on the floor of the New York Stock Exchange, Tuesday, March 3, 2020.   (AP Photo/Richard Drew)

The Dow Jones Industrial Average dropped 785 points and bond prices surged after an emergency interest-rate cut by the Federal Reserve failed to reassure markets racked by worries that a fast-spreading virus outbreak could lead to a recession. The yield on the 10-year Treasury note dropped below 1% for the first time. The Dow industrials lost 2.9% to 25,914, the AP reports. It had surged 5% a day earlier on hopes for a broader set of stimulus measures. The S&P 500 index fell 2.8% and is now 11% below the record high it set two weeks ago. The Nasdaq fell 3%. (Read more stock market stories.)

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