NEW YORK (AP) — Stocks whipped up and down Tuesday after the Federal Reserve swooped into the market with an emergency interest-rate cut in hopes of shielding the economy from the effects of the fast-spreading coronavirus.
The surprise move gave stocks a strong, brief boost, but it took just 15 minutes for the gains to evaporate. The cut helped raise some confidence, but it did not wipe out the uncertainty dominating markets about how much economic damage the virus will ultimately do. Traders are debating how much much the steepest rate cut from the Fed since 2008 can help and whether more aid is on the way to stabilize the market. For more on this story, please go to AP.com.