US stocks tumble amid skepticism of Fed rate cuts

NEW YORK: Wall Street stocks finished sharply lower on Tuesday , reflecting skepticism at a surprise Federal Reserve interest rate cut while the 10-year US Treasury hit an all-time low.AdvertisementThe broad-based S&P 500 sank 86.86 points to finish the day at 3,003.37, while the tech-rich Nasdaq Composite Index slid 268.07 points to 8,684.09.

Across the world, 3,155 people have died from the virus. More than 92,723 have been infected in 78 countries and territories.AdvertisementWhile US economic fundamentals"remain strong," the"coronavirus poses evolving risks to economic activity," the Federal Open Market Committee said in a statement.

As for the Treasury market, yields on the 10-year have repeatedly hit all-time lows in recent days, but did not tumble below one per cent until the Fed's emergency move, which came 15 days before its regularly scheduled meeting.

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