The Dow fell 2,800 points on the open, triggering a 15-minute halt to trading. This comes after the Federal Reserve took emergency action, reducing the interest rates to near-zero, leaving no room for movement.
What does this do to the dollar?
The stocks futures plummeted overnight upon word of the Feds emergency quantitative easing and rate decrease.
The sharp selloff comes after the Fed, at an emergency meeting on Sunday evening, cut its benchmark interest rate by 100 basis points to near zero and announced a $700 billion asset purchase program. The Fed’s action was part of a coordinated effort by central banks around the world.
Trading has resumed.
The fear over coronavirus and the airlines forecast of a $1.5 billion loss in March is pushing the markets down.
The oil wars continue and energy plunged as West Texas Intermediate crude oil cratered 8.6% to $29.35 per barrel.
Nike, Abercrombie & Fitch are closing their stores. Starbucks will close some.
Apple shares number after announcing the closure of their 468 stores outside of Greater China until March 27.
Subscribe to the Daily Newsletter
wpDiscuz
