U.S. stocks opened sharply lower on Monday as investors grew concerned that the emergency policy measures by global central banks over the weekend meant the economy is in much worse shape than previously believed.
Instead of soothing the markets, another emergency interest rate cut from the Federal Reserve had the opposite effect.
Here’s what happened:
- The S&P 500 opened down 8.1%. The index hit a circuit breaker after falling more than 7%. Trading was halted for 15 minutes.
- The Dow opened 9.7%, or 2,250 points, lower.
- The Nasdaq Composite fell 6.1%.