Washington Post
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WATCH LIVE: Dow falls despite latest Fed action to shore up economy
Posted
March 23, 2020
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6:07:06Now PlayingThe central bank’s unprecedented plan to build out bond purchasing programs to backstop the U.S. economy against the coronavirus outbreak failed to offset investors’ earlier disappointment with stalled stimulus legislation. The Dow fell more than 300 points after futures trading signaled a more than 500-point pop at the open. The Standard & Poor’s 500 and Nasdaq futures also were in steep decline.
The volatility came after the Fed said it would purchase Treasurys and mortgagebacked securities “in the amounts needed to support smooth market functioning," showing the central bank is willing to go far beyond the $700 billion in new purchases announced last week. Read moreSubscribe to The Washington Post on YouTube
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