Wall Street Records Bleakest Day Since 1987 Despite Fed’s $1.5T Intervention
MAR 13, 2020 - 6:55 am
The Wall Street Journal reported that U.S. stock market experienced its worst day on record since 1987 despite a move by the Federal Reserve to add $1.5 trillion to the market to curb “ominous” market activity.
The Fed’s move included short-term loans to Wall Street and the purchase of Treasury securities, according to the Journal.
The Dow plummeted by 10% and the S&P 500 and Nasdaq followed suit, charting similarly drastic drops, which brought a halt to trading, according to the Journal.
The Fed’s move toward quantitative easing was aimed at shoring up the Treasury market, which the Journal noted is the “backbone” of monetary policy.
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