Dow Down Over 700 Points as Hopes Fade for Swift U.S. Fiscal Stimulus Response to Coronavirus

Bank of England delivers emergency interest rate cut

by William Watts and Mike Murphy
Market Watch

U.S. stocks declined sharply at the start of Wednesday as hopes were dented for a quick round of fiscal stimulus to cushion the U.S. economy against the impact of the COVID-19 epidemic.

Policymakers abroad have begun to take action to ease the pressure on businesses, with the Bank of England delivering an emergency interest rate cut and the U.K. government pledging fiscal stimulus in its budget Wednesday, while German Chancellor Angela Merkel promised to do “whatever is necessary” and the European Central Bank’s president warned of an economic shock like the 2008 financial crisis.

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