Dow plunges 700 points despite Fed rate cut

Tuesday, 03. March 2020 19:28

Markets in the United States extended losses in a volatile session on Tuesday with the Dow Jones plunging over 700 points despite the Federal Reserve's attempt to lift investor sentiment with an emergency rate cut amid coronavirus concerns. Stocks briefly jumped on Fed's announcement but soon returned to negative territory.

The Dow Jones plummeted 2.69% or 719 points at 1:28 pm ET. The worst performers were American Express and Microsoft, whose shares dived 4.75% and 4.68%, respectively, at 1:29 pm ET.

The Nasdaq 100 slid 2.18% at 1:34 pm ET as Texas Instruments and Autodesk dropped over 4%. The S&P 500 fell 1.91% at 1:35 pm ET. Charles Shwab led the losses as its stock sank 8.31% at 1:31 pm ET.

The euro added 0.30% against the dollar to sell for 1.11686 at 1:36 pm ET.

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Breaking the News / NP