Stocks recovered some of their losses after the Federal Reserve pumped money into the system to try to calm investors. But the Dow was still down 1,900 points.
After weeks of turmoil over the economic toll of the coronavirus, U.S. stock indexes entered a bear market, signaling an end to their 11-year winning streak.Bryan R. Smith/AFP via Getty Images
After weeks of turmoil over the economic toll of the coronavirus, U.S. stock indexes entered a bear market, signaling an end to their 11-year winning streak.Stocks recovered some of their losses after the Federal Reserve moved aggressively Thursday to try to calm investors rattled by the global coronavirus pandemic, but then the market slide continued. The New York Fed said it would pump $1.5 trillion into short-term funding markets over the next two days.
"These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak,"The Dow Jones Industrial Average bounced up more than 800 points from its low, but then quickly fell again. It was down 1,900 points, or 8%, in frenzied afternoon trading.Last week, the central bank cut interest rates by a half a percentage point in an emergency move.
Those indexes are now down at least 24% from record highs set just last month. At 22,074.10 in early afternoon trading, the Dow was down more than 7,400 points from its peak Feb. 12. The market tumble came after President Trump announced a 30-day ban on travel from European countries to the United States.
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