US stocks ended sharply lower after an eventful trading session today, just one day after all major indexes rallied higher.
The Federal Reserve delivered an emergency half-percentage point rate cut in the morning to stave off the coronavirus fallout. It was the first emergency cut since 2008. Stocks initially rallied but then sold off again, as investors weighed just how at risk the US economy really is.
Here’s where the markets ended up today:
- The Dow closed 786 points, or 2.9%, lower, just one day after recording its best point-gain in history.
- The S&P 500 finished down 2.8%. Monday had been its best performance since December 2018.
- The Nasdaq Composite fell nearly 3%.
Elsewhere, the 10-year Treasury bond yield dropped below 1% for the first time in history this afternoon.