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More Mayhem In Markets As Virus Takes Its Toll

More Mayhem In Markets As Virus Takes Its Toll

Submitted by • about 43 mins ago arab.news

DUBAI: Coronavirus turbulence in financial markets continued on Monday despite the biggest ever intervention by the US Federal Reserve.

All eyes were on the opening on Wall Street after a Western weekend of bad virus news and a $2 trillion stimulus package for the American economy held up by Congressional wrangling.

But the Fed stepped into the role of market savior just before the opening bell with an unprecedented offer to prop up financial markets by buying US bonds in unlimited numbers, and other measures to support financial asset prices.

After a brief uptick following the Fed intervention, the main S&P 500 index fell back once more and closed about 3 percent down. Stock markets in Europe were also significantly lower.

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