The Dow Jones Industrial Average fell 2,997.1 points, or 12.93%, to 20,188.52, the S&P 500 lost 324.89 points, or 11.98%, to 2,386.13 and the Nasdaq Composite dropped 970.28 points, or 12.32%, to 6,904.59. (Pic shows traders working on the floor of the NYSE yesterday. - Reuters)
NEW YORK: Wall Street suffered its biggest drop since 1987 on Monday, with the S&P 500 closing at its lowest level since December 2018, as investors fear the coronavirus pandemic is proving a tougher opponent than central banks, lawmakers or the White House are currently capable of battling.
The S&P 500 tumbled 12%, its biggest drop since "Black Monday" three decades ago, despite the Federal Reserve's surprise move late Sunday to cut interest rates to near zero, its second emergency interest rate cut in less than two weeks and ahead of its scheduled policy meeting on Tuesday and Wednesday.
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