This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/483238-us-stock-markets-crash/
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| US stocks crash as Fed action fails to calm markets | US stocks crash as Fed action fails to calm markets |
| (32 minutes later) | |
| Trading on Wall Street has been halted on Monday after stocks had plunged immediately after the opening bell, despite the promise by the US Federal Reserve to provide more stimulus. After a 15-minute pause, trading was resumed. | |
| The S&P 500 has plunged more than ten percent while he Dow crashed over nine percent due to a wave of panic selling. The Nasdaq Composite, comprising the biggest US tech companies, slid more than six percent. | |
| The sharp stock market fall has triggered the so-called 'circuit breaker' trading halt, which will last for 15 minutes. | The sharp stock market fall has triggered the so-called 'circuit breaker' trading halt, which will last for 15 minutes. |
| Bank stocks are among the biggest losers, with JPMorgan and Morgan Stanley down at least 17 percent. Airline stocks are also crashing amid forecasts that many will be bankrupt by May. | Bank stocks are among the biggest losers, with JPMorgan and Morgan Stanley down at least 17 percent. Airline stocks are also crashing amid forecasts that many will be bankrupt by May. |
| The news of this Wall Street crash has driven European shares down further, with the London FTSE 100 index falling 8.4 percent to 4,904.60 points – its lowest since October 11. | |
| France's CAC 40 has nosedived more than 11 percent to 3,646.08, while the German DAX dropped by more than 10 percent to 8,277.20 | |
| In response to the effects of the coronavirus on the global economy, the US Federal Reserve announced on Sunday that it plans to cut rates to zero and launch a massive $700-billion quantitative easing program to add liquidity to the markets. | |
| “The Fed blasted its monetary bazooka for sure,” Peter Boockvar, chief investment officer at Bleakley Advisory Group told CNBC. “This better work because I don’t know what they have left, and no amount of money raining from the sky will cure this virus. Only time and medicine will.” | |
| However, the Fed's move failed to calm investor panic on Monday. | |
| “The main problem this time [compared with] other market disruptions is the abrupt closure of economic activity,” said Dan Deming, managing director at KKM Financial. “The speed of the impact to middle America, let alone the global community, is relatively unprecedented,” he added. | |
| For more stories on economy & finance visit RT's business section |