U.S. stocks closed deeply in the red Tuesday after the Federal Reserve spooked investors by announcing an emergency interest-rate cut. The Dow Jones Industrial Average DJIA, -2.94% closed about 794 points, 3%, lower, near 25,909, while the S&P 500 SPX, -2.81% lost 87 points or 2.8% to close near 3,003. The Nasdaq Composite COMP, -2.99% closed about 276 points, 3.1%, lower, near 8,677. Stocks jumped after the central bank's announcement, but then seesawed back and forth before heading lower as Fed Chair Jerome Powell held a press conference that rattled nerves rather than reassuring. As investors flocked to safe haven assets, the benchmark 10-year Treasury note fell below 1% for the first time ever. Travel companies were hit especially hard, with shares of Avis Budget Group Inc. CAR, -7.28% sliding 6%.
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March 04, 2020 at 04:01AM
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Stocks end sharply lower as Fed stokes recession fears - MarketWatch
Business - Latest - Google News
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