U.S. stock indexes plunged about seven per cent Monday as the Federal Reserve's drastic interest rate cut to near zero stoked fears of a coronavirus-driven recession.
Trading on Wall Street's three main stock indexes was halted for 15 minutes shortly after the open, the third such pause in six days, as the S&P 500 index plunged eight per cent, triggering an automatic cutout.
The benchmark index slid as much as 11.4 per cent, shedding about $2 trillion in market value, before bargain hunting helped the indexes claw back some losses.
A sharp cut in interest rates by the Federal Reserve ahead of schedule and its pledge of massive asset purchases added to the alarm about the pandemic that has paralyzed supply chains and squeezed company revenue.
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