NEW YORK, March 3 (Xinhua) -- U.S. stocks fell sharply on Tuesday, with the Dow closing down more than 780 points, despite the Federal Reserve's emergency interest-rate cut.
The Dow Jones Industrial Average dropped 785.91 points, or 2.94 percent, to 25,917.41. The S&P 500 went down 86.86 points, or 2.81 percent, to 3,003.37. The Nasdaq Composite Index fell 268.07 points, or 2.99 percent, to 8,684.09.
All of the 11 primary S&P 500 sectors closed lower, with technology down 3.79 percent, representing the worst-performing group.
Shares of American Express and 3M Company both shed more than 5 percent, leading the laggards in the Dow.
The market had a short-lived surge earlier in the session after the U.S. central bank lowered the target range for the federal funds rate by 50 basis points to 1-1.25 percent amid COVID-19 concerns.
In a surprise announcement on Tuesday, the Fed said that "in light of these risks and in support of achieving its maximum employment and price stability goals," the Federal Open Market Committee, the Fed's policy-setting body, decided to cut its key interest rate by 0.5 percentage point.
On Monday, U.S. equities rallied massively, with the Dow up nearly 1,300 points, its best one-day point gain in history.
The Dow Jones Industrial Average dropped 785.91 points, or 2.94 percent, to 25,917.41. The S&P 500 went down 86.86 points, or 2.81 percent, to 3,003.37. The Nasdaq Composite Index fell 268.07 points, or 2.99 percent, to 8,684.09.
All of the 11 primary S&P 500 sectors closed lower, with technology down 3.79 percent, representing the worst-performing group.
Shares of American Express and 3M Company both shed more than 5 percent, leading the laggards in the Dow.
The market had a short-lived surge earlier in the session after the U.S. central bank lowered the target range for the federal funds rate by 50 basis points to 1-1.25 percent amid COVID-19 concerns.
In a surprise announcement on Tuesday, the Fed said that "in light of these risks and in support of achieving its maximum employment and price stability goals," the Federal Open Market Committee, the Fed's policy-setting body, decided to cut its key interest rate by 0.5 percentage point.
On Monday, U.S. equities rallied massively, with the Dow up nearly 1,300 points, its best one-day point gain in history.
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