Dow falls 2,200 points, trading halted, as rate cut fails to calm markets
Wall Street plunged again Monday, despite emergency action from the Federal Reserve over the weekend to shore up the economy by infusing markets and Main Street with easier access to cash.
The Dow Jones Industrial Average sank by 2,200 points at the opening bell, with the S&P 500 falling by 7 percent, triggering a circuit breaker that halted all trading on the exchange floor for 15 minutes. The tech-heavy Nasdaq fell by around 6 percent. When trading resumed, all three major averages extended their losses.
The things that worked to stop the collapse in 2008 do not seem to be working this time around.