3/3/2020, 6:39 PM (Source: TeleTrader)
more TeleTrader news

Dow plummets 400 pts as Fed fails to calm markets

Stock markets in the United States continued to trade deeply in the red on Tuesday as the Federal Reserve's emergency rate cut failed to lift investor sentiment.

Shortly upon the decision to slash interest rates by 50 basis points, the markets rebounded but soon started to fall to fresh session lows. Fed Chairman Jerome Powell described the move as good for the domestic economy which, he claimed, is resilient.

The Dow Jones plunged 411 points or 1.51% at 12:37 pm ET. The Nasdaq 100 and the S&P 500 also dropped, losing 1.08% and 1.13%, respectively.

The euro advanced against the US currency, buying 1.11552 at 12:38 pm ET.

Breaking the News / GG