Dow falls 3.0% as US stock losses deepen after Fed rate cut

March 03, 2020: Wall Street stocks fell further Tuesday afternoon as markets reacted skeptically to the Federal Reserve’s surprise interest rate cuts to boost the US economy.

Near 1905 GMT, the benchmark Dow Jones Industrial Average stood at 25,837.44, down 3.2 percent or 865 points.

The broad-based S&P 500 shed 3.1 percent to 2,993.84, while the tech-rich Nasdaq Composite Index slid 3.3 percent to 8,653.23.

Stocks initially rallied after the Fed’s surprise rate cut announcement, but equities later pulled back as investors questioned whether the move suggested the US economy was on shakier ground than previously thought.

AFP/APP

33155