Wall Street's main stock indexes rose as much 1 percent on Tuesday after trading in the negative earlier, as investors reacted to a US interest rate cut that came earlier than expected due to the coronavirus
NEW YORK (Pakistan Point News / Sputnik - 03rd March, 2020) Wall Street's main stock indexes rose as much 1 percent on Tuesday after trading in the negative earlier, as investors reacted to a US interest rate cut that came earlier than expected due to the coronavirus.
Earlier in the day, the Federal Reserve announced in a statement that it has cut the US interest rate by half a point in an unusual move ahead of its upcoming monthly policy meeting March 17-18 in order to mitigate threats to the economy stemming from the novel coronavirus outbreak.
The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange, was up 0.6 percent by 11:00 a.m. ET (4:00 p.m. GMT) after the Federal Reserve made the announcement.
The S&P500, a barometer for the top 500 US stocks, increased 0.8 percent. The tech-heavy Nasdaq Composite rose 2 percent.
