US stocks suffered one of their biggest one-day losses ever on Monday, as Wall Street's Dow index closed down about 3,000 points over fears of a looming recession from the coronavirus crisis
NEW YORK (Pakistan Point News / Sputnik - 17th March, 2020) US stocks suffered one of their biggest one-day losses ever on Monday, as Wall Street's Dow index closed down about 3,000 points over fears of a looming recession from the coronavirus crisis.
The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange fell about 13% on the day to settle at 20,187. The S&P500, barometer for the top 500 US stocks, closed down almost 12 percent. The tech-heavy Nasdaq also slumped about 12 percent.
The tumble in stocks came despite an emergency rate cut of a full point by the Federal Reserve on Sunday and a pledge of $700 billion in bond buying by the central bank to prop up sentiment in financial markets battered by fears over a growing global economic shutdown from the coronavirus pandemic.
International Monetary Fund Managing Director Kristalina Georgieva said on Monday that coordinated global fiscal action on the scale of the 2008-2009 financial crisis may be necessary to save the world economy.
