US, WASHINGTON (ORDO NEWS) — The New York Stock Exchange opened lower on Monday despite the Federal Reserve announcing unprecedented measures to support the credit markets for American businesses and households and thereby try to limit the economic impact of the pandemic of coronavirus.
A few minutes after the start of trading, the Dow Jones index lost 520.17 points, or 2.71%, to 18,653.81, the lowest since November 2016, and the Standard & Poor’s 500, broader, fell by 2 , 87% to 2,238.85. As for the Nasdaq Composite , it dropped 1.13% to 6,802.11 points.
After deciding since the beginning of the month on a marked easing of its monetary policy, the Fed announced Monday a support plan which specifically targets borrowers, from students to large companies including SMEs.
These measures, however, fail to allay fears of the fallout from the epidemic, which risks translating into a contraction of the American economy and a spike in unemployment.
Among the biggest declines in the Dow Jones, United Technologies (NYSE: UTX ) lost 6.48%, Nike (NYSE: NKE ) 5.11% and Visa (NYSE: V ) 6.02%.
On the upside, Boeing (NYSE: BA ) takes 2.34%. Goldman Sachs (NYSE: GS ) has passed the purchase on the aeronautics and defense group, judging that the fall of almost 70% of the title since early February creates an opportunity.
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