Stocks jump after Federal Reserve makes emergency rate cut

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DOW JONES MARKETS SOAR WALL STREET

NEW YORK, NY – JANUARY 25: Traders work on the floor of the New York Stock Exchange (NYSE) as the Dow Jones industrial average closed above the 20,000 mark for the first time on January 25, 2017 in New York City. Solid earnings from major companies, including Boeing, led the morning rally. (Photo by Spencer […]

NEW YORK (AP) – U.S. stocks jumped Tuesday after the Federal Reserve made an emergency rate cut to help shield the economy from the impact from the virus outbreak.

The Dow Jones Industrial Average rose 172 points, or 0.6% as of 10:10 a.m. Eastern time. It had been down as much as 356 points shortly before the announcement.

The Dow surged 5% Monday in anticipation of moves by the Fed and other central banks to support the global economy following the worst week for stocks since the financial crisis of 2008.

The Fed cut short-term rates by half a percentage point, the biggest cut in more than a decade.

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