Stock Market Today: Dow, S&P Live Updates for March 16 - Bloomberg:
U.S. equity futures tumbled in the start to another volatile week, giving up much of a Friday rebound, after the Federal Reserve announced a massive easing in policy in an emergency move.
Futures on the S&P 500 Index fell about 5%, hitting limits on trading, after stocks climbed more than 9% on Wall Street Friday, recouping most of their 10% plunge the previous day. Wild swings have become an almost daily occurrence as investors assess the efficacy of actions by authorities to contain the coronavirus, moves that have had a crippling economic impact. The yen soared after the Fed cut its key interest rate by a full percentage point to near zero and said it will boost its bond holdings by $700 billion.
“The Fed made an emergency drop this weekend -- I think that says they’re very worried about the larger economy,” Kim Forrest, chief investment officer at Bokeh Capital Partners, said by phone. “People are really freaked out by this and I think they’re trying to keep the economy going.”
The U.S. central bank also announced several other actions, including letting banks borrow from the discount window for as long as 90 days and reducing reserve requirement ratios to zero percent.
U.S. equity futures tumbled in the start to another volatile week, giving up much of a Friday rebound, after the Federal Reserve announced a massive easing in policy in an emergency move.
Futures on the S&P 500 Index fell about 5%, hitting limits on trading, after stocks climbed more than 9% on Wall Street Friday, recouping most of their 10% plunge the previous day. Wild swings have become an almost daily occurrence as investors assess the efficacy of actions by authorities to contain the coronavirus, moves that have had a crippling economic impact. The yen soared after the Fed cut its key interest rate by a full percentage point to near zero and said it will boost its bond holdings by $700 billion.
“The Fed made an emergency drop this weekend -- I think that says they’re very worried about the larger economy,” Kim Forrest, chief investment officer at Bokeh Capital Partners, said by phone. “People are really freaked out by this and I think they’re trying to keep the economy going.”
The U.S. central bank also announced several other actions, including letting banks borrow from the discount window for as long as 90 days and reducing reserve requirement ratios to zero percent.
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