S&P 500 Triggers Trading Halt For Third Time in Six Days Despite Fed Rate Cut
Stocks fell sharply on Monday even after the Federal Reserve embarked on a massive monetary stimulus campaign to curb slower economic growth amid the coronavirus outbreak. From a report: The S&P 500 dropped 9.3% while the Dow Jones Industrial Average fell 2,174 points, or 9.4%. The Nasdaq Composite traded 9.3% lower. Those losses put the major averages on track for their worst day since the "Black Monday" market crash of 1987. They also eclipsed the steep decline seen on Thursday. Trading was halted for 15 minutes shortly after the open as a then 8.14% drop on the S&P 500 triggered a so-called circuit breaker. Before the open, futures contracts tied to the major averages hit their "limit down" levels, meaning they could not trade below that threshold. Those limits are imposed by the CME Group to maintain orderly market behavior. While the central bank's actions may help ease the functioning of markets, many investors said they would ultimately want to see coronavirus cases peaking and falling in the U.S. before it was safe to take on risk and buy equities again.
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