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US stocks plummet at the open, as Fed fails to stem virus fears

United States stocks sold off sharply on Monday, as the Federal Reserve’s surprise interest rate cut and other measures designed to shore up the economy against an onslaught of coronavirus disruptions failed to stem deepening fears. The S&P 500 – a reflection of the health of US pension accounts and college saving plans – fell…

US stocks plummet at the open, as Fed fails to stem virus fears

United States stocks sold off sharply on Monday, as the Federal Reserve’s surprise interest rate cut and other measures designed to shore up the economy against an onslaught of coronavirus disruptions failed to stem deepening fears.
The S&P 500 – a reflection of the health of US pension accounts and college saving plans – fell 8.1 percent at the opening bell in New York, triggering so-called circuit breakers that halt trading for 15 minutes. When trading resumed, losses extended, sending the index down 11 percent before it started digging out of that hole.
The Dow Jones Industrial Average plummeted more than 2200 at the open of trading, or 9.7  percent, while the Nasdaq Composite Index tanked 6.1 percent. Both indexes continued falling when trading resumed but started to pare losses in late morning trading. 
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