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Stocks continue to fall after brief rally

Stocks are falling sharply on Wall Street, erasing a brief early rally, after an emergency interest-rate cut by the Federal Reserve failed to wipe out fears that a fast-spreading virus outbreak could lead to a recession. Major indexes were down more than 3% in afternoon trading. While the cut helped raise confidence for some investors, traders were still debating how effective it will be on what is ultimately a health crisis. Some investors are also questioning whether more aid is on the way to stabilize the market, while others called the Fed’s move premature. The 10-year Treasury yield fell below 1% for the first time.

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