Wall Street deepens historic slump amid virus spread; Dow, S&P fall 12%

Stocks fell further late in the session as President Donald Trump urged Americans to halt most social activities for 15 days and not congregate in groups larger than 10 people

Wall Street suffered its biggest drop since 1987 on Monday, with the S&P 500 closing at its lowest level since December 2018, as investors fear the coronavirus pandemic is proving a tougher opponent than central banks, lawmakers or the White House are currently capable of battling.

The S&P 500 tumbled 12%, its biggest drop since "Black Monday" three decades ago, despite the Federal Reserve's surprise move late Sunday to cut interest rates to near zero, its second emergency interest rate cut in less than two weeks and ahead of its scheduled policy meeting on Tuesday and Wednesday.

That added to alarm about