By Yasin Ebrahim
Investing.com – The Dow remained under pressure on Tuesday as the coronavirus spread in the U.S. continued and the efficacy of the Federal Reserve rate cut divided opinion on Wall Street.
The S&P 500 slipped 1.26%, Nasdaq Composite lost 1.23% and the Dow Jones Industrial Average fell 1.51%. But all three averages were off session lows.
A Westchester County man has tested positive for the coronavirus, New York Governor Andrew Cuomo said on Tuesday, bringing the total of confirmed cases in the state to two and to more than 100 in the country overall.
Against the backdrop of rising infections in the U.S., the Federal Reserve delivered a surprise half-a-point rate cut on Tuesday, taking its benchmark rate to 1% to 1.25%.
With the virus impact mainly on the supply side, many have questioned how much the Federal Reserve's move will support the economy. Still, the move has raised expectations for more cuts in the coming weeks.