Stocks fluctuated wildly on today after the Federal Reserve slashed interest rates by a half point to help protect the US economy against the fallout from coronavirus.
The surprise move by the Fed followed a wild rally at the start of the week in which the Dow recorded its highest point-gain in history.
But stocks were up and down early today. The Dow was up points as many as 381 points and down as many as 356 points in a roller coaster open.
Stocks initially jumped higher after the Fed cut rates, but then they moved lower:
- The Dow was most recently down 100 points.
- The broader S&P 500 was down 0.1% after logging its best day in more than two years Monday.
- The Nasdaq Composite was down 0.1%.
Investors balanced the jolt the US economy could get from the Fed’s stimulus with the message the stunning rate cut sends: The US economy could be in trouble because of coronavirus.