U.S. Stocks Tumble After Powell Virus Warning: Markets Wrap
- Ten-year Treasury yield falls below 1.00% for first time
- Fed shaves 50 basis points from rate in unanimous vote
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U.S. stocks tumbled and Treasuries surged as investors worried the Federal Reserve’s emergency cut won’t be enough to combat the economic impact of the coronavirus.
The S&P 500 fell for the eighth time in nine days following the Federal Reserve’s 50 basis-point cut of its benchmark rate. Fed chair Jerome Powell said during a press conference that the U.S. economy remains strong but the virus outbreak will weigh on activity “for some time.”