Wall Street ends more than 2% lower after US Fed surprise rate cut

The Dow Jones Industrial Average dropped 2.94% to end at 25,917.41 points, while the S&P 500 lost 2.81% to finish at 3,003.37

Wall Street tumbled in a volatile session on Tuesday after the US Federal Reserve surprised investors with a half percentage-point cut in interest rates, amplifying fears about the magnitude of the coronavirus' impact on the economy.

All three major US stock market indexes closed nearly 3% lower after the Fed's first emergency rate cut since the 2008 financial crisis.

The rate reduction underscored the U.S. central bank's concern about the new coronavirus, which has spread around the world after emerging late last year in China. It came two weeks ahead of a scheduled policy meeting, where traders had fully priced