Stocks fell at the close, even after the Fed issued an emergency rate cut earlier today. The Dow was down more than 700 points, up from session lows of more than 800.
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Investors have been fretting over a potential economic slowdown as the coronavirus spreads around the world. More than 89,000 coronavirus cases have been confirmed globally along with more than 3,000 deaths related to the virus. "The worse the economic situation gets, the more likely there will be massive coordinated monetary and fiscal stimulus to offset the weakness," Tony Dwyer, chief U.S. equity strategist at Canaccord Genuity, said in a note. "There is no way to judge the global economic and EPS impact of the COVID-19 virus as cases globally are still ramping."post its biggest percentage gain since March 2009. The index also recorded its largest-ever point surge on Monday, gaining 1,294 points..
Monday saw U.S. stocks snap a losing streak that had gone on for over a week. Some investors were skeptical that the rally has legs without a significant central bank response. Even if that comes to fruition, investors have their doubts the market has seen the end of its tumultuous trading of the last six days.for exclusive insights and analysis, and live business day programming from around the world.
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