Stocks on Wall Street were broadly lower on Monday as investors ignored the Federal Reserve's pledge to use all tools at its disposal, including buying as many bonds as needed, to support the US economy amid the coronavirus crisis
NEW YORK (Pakistan Point News / Sputnik - 23rd March, 2020) Stocks on Wall Street were broadly lower on Monday as investors ignored the Federal Reserve's pledge to use all tools at its disposal, including buying as many bonds as needed, to support the US economy amid the coronavirus crisis.
The Dow Jones Industrial Average index, the broadest equities gauge on the New York Stock Exchange, was down 0.8 percent at�19,029 by 9:34 a.m. ET (13:34 GMT).
The S&P 500, barometer for the top 500 US stocks, slid 0.7 percent while the tech-heavy Nasdaq Composite gained 0.2 percent.
The Dow fell 17 percent last week while the S&P 500 lost 15 percent and the Nasdaq shed 13 percent. The three indexes are down 30 percent on the average for the year on a massive selloff related to fears that the United States was headed for a recession over the novel coronavirus epidemic, which has shut down large swathes of the US economy.
The Federal Reserve said on Monday it will use all tools at its disposal, including buying as many bonds as needed, to support the US economy and help to maximize job creation and ensure price stability amid the coronavirus crisis.
The Fed has already cut interest rates twice this month by a total of 1.5 percentage points to bring them to between zero and 0.25 percent.
