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Aggressive Fed boost fails to stop sell-off

Credit: Reuters Studio
Published on March 23, 2020 - Duration: 01:23s

Aggressive Fed boost fails to stop sell-off

Wall Street's slide deepened Monday as unprecedented moves to shore up credit failed to sooth investors fears about the coronavirus crisis.

As Fred Katayama reports, the Senate's failure to pass a stimulus package added to the gloom.

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Aggressive Fed boost fails to stop sell-off

ANOTHER HUGE DROP FOR STOCKS MONDAY IN A VOLATILE SESSION..

EXTENDING LAST WEEK”S DEEP LOSSES.

The markets UNDER PRESSURE as the Senate again failed to pass a MASSIVE economic stimulus package and more states entered lockdown amid the coronavirus crisis.

Investors also brushed aside the Federal Reserve's AGGRESSIVE move to back purchases of corporate bonds and buy more Treasury bonds and mortgage-backed securities, among other things.

The Dow and S&P 500 lost about 3%, and the Nasdaq shed a quarter percent.

Kramer Capital Research chief investment officer, Hilary Kramer: SOUNDBITE: HILARY KRAMER, CHIEF INVESTMENT OFFICER, KRAMER CAPITAL RESEARCH (ENGLISH) SAYING: "Having a 3%-plus down move on all the indices certainly is going to scare more investors, especially individual investors that have held out for so long expecting to try to find a bottom.

This selling could beget more selling, but capitulation could be just right around the corner." A further plunge in oil prices depressed energy stocks.

Exxon Mobil and Chevron were among the Dow's biggest decliners.

But investors scooped up shares of beleaguered Boeing.

Goldman Sachs upgraded the jet maker's shares to "buy," noting that the stock had slid 80% from its peak last year.

And shares of Hasbro ROSE, The toy maker said its supply chains were up and running in China.

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