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  • Wall Street stocks gyrated Tuesday after the Federal Reserve announced a large interest rate cut to counter the risk of recession due to the coronavirus. Around 1505 GMT, the Dow Jones Industrial Average was at 27,724.33 up 0.1 percent. The broad-based S&P 500 edged up 0.2 percent to 3,097.03, while the tech-rich Nasdaq Composite Index also advanced 0.2 percent to 8,969.76. The surprise Fed move slashed its key interest rate by a half point to a range of 1.0-1.25, a bigger cut than usual. While US economic fundamentals "remain strong," the "coronavirus poses evolving risks to economic activity," the Federal Open Market Committee said in a statement. Markets initially welcomed the action, pushing major indices solidly into positive territory just after the announcement. But stocks investors quickly began to second-guess the emergency step, questioning whether it meant the US economy is more vulnerable than previously thought. "The Fed's hand was forced by the market, but it's really not a cure-all," said Briefing.com analyst Patrick O'Hare. The US central bank action marked a sudden shift in stance after previously characterizing the virus as a worry, but not an imminent threat to growth, and signaling that any action would be taken at the Fed's normally scheduled meeting March 18. "It does send a message that things are going to potentially get much worse," O'Hare said. The market's twists and turns come amid a volatile period that saw US indices suffer their worst week of losses last week, which was followed on Monday by a rally that lifted the Dow by 5.1 percent. Across the world, 3,127 people have died from the new virus, with most cases in China and large clusters in South Korea, Iran and Italy and increasing instances of the ailment in the United States. Oxford Economics lowered its 2020 US growth estimates from 1.7 percent to 1.3 percent, citing the hit from curtailed travel, less consumer activity and disruption to supply chains. "While our baseline doesn't feature a lockdown scenario, we note that if authorities decide to close schools, severely restrict travel and limit all nonessential movement, the US economy will fall into a recession -- with zero GDP growth in 2020 -- putting an end to the longest economic expansion ever," said Oxford Economics. jmb/jm
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  • US stocks gyrate after surprise Fed rate cut
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