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Dow plunges 2,700 points after trading halt as Fed's emergency actions fail to calm worries over coronavirus fallout
- US stocks fell sharply on Monday as investors appear to shrug off the Fed's emergency actions Sunday amid the coronavirus pandemic.
- The S&P 500 plummeted 8.1% at the open, triggering a 15-minute market-wide trading halt. The Dow Jones Industrial Average slipped 9.7%, or 2,250 points. The selling pressure persisted once trading resumed.
- The Federal Reserve on Sunday cut its benchmark interest rate to near zero and said that it will increase bond holdings by $700 billion, among other measures.
- "Even if the Fed is able to put a floor under markets, asset prices are unlikely to begin recovering until coronavirus spread plateaus," Seema Shah, chief strategist at Principal Global Investors, told Business Insider.
- Read more on Business Insider.
