NEW YORK (Reuters) - U.S. stocks fell sharply on Monday as the Federal Reserve’s drastic move to cut interest rates to near zero fueled anxiety over the extent of economic damage from the coronavirus pandemic.
The Fed’s second emergency interest rate cut in less than two weeks and its pledge to purchase more than $700 billion in assets came late on Sunday, ahead of its scheduled policy meeting on Tuesday and Wednesday. It added to the alarm about the pandemic that has paralyzed parts of the global economy and squeezed company revenue.