Fed fails to calm markets | 10-year falls below 1% | Dow dives 785

The Federal Reserve's latest interest rate cut failed to calm markets.

VIEW IN BROWSER | SUBSCRIBE TUE, MAR 03, 2020 EVENING BRIEF AS OF TUE, MAR 03, 2020 • 04:35 ET DJIA 25917.41 -2.94% -785.91 S&P 500 3003.37 -2.81% -86.86 NASDAQ 8684.09 -2.99% -268.08   Most Active DOW NAME LAST CHG %CHG AAPL 289.32 -9.49 -3.18% MSFT 164.51 -8.28 -4.79% XOM 51.30 -2.58 -4.79% S&P 500 NAME LAST CHG %CHG AMD 46.75 -0.71 -1.50% BAC 27.75 -1.62 -5.52% GE 10.88 -0.33 -2.94% NASDAQ NAME LAST CHG %CHG AMD 46.75 -0.71 -1.50% AAPL 289.32 -9.49 -3.18% MSFT 164.51 -8.28 -4.79% EDITOR'S NOTE Here's something you don't see every day: The Federal Reserve cuts its key interest rate by half a point and the stock market plunged more than 900 points at one point.   The central bank's rate move also pushed the yield on the 10-year Treasury below 1% for the first time. Stocks paired their losses toward the end of the session.   Until the coronavirus outbreak, the Fed was content to hold rates steady. Its latest cut appears to have created more panic rather than calm. "I'm now more nervous than I was before," said CNBC's Jim Cramer on "Squawk on the Street." President Trump complained that the cut was not enough.  But lowering interest rates doesn't kill a virus that is increasingly keeping companies on high alert and consumers at home.   "Central banks are pulling out a playbook that was designed to deal with financial problems and not to deal with public health problems," Yale economist Stephen Roach told CNBC.  "We should be investing very heavily in building out our own public health infrastructure, rolling out massive testing on a scale we've never done before."   Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. Al Lewis | CNBC Markets Editor @tellittoal TOP NEWS  Dow plunges even after Fed slashes rates to combat coronavirus Fed cuts rates by half a percentage point to combat coronavirus slowdown Mnuchin hails Fed decision to cut rates amid coronavirus outbreak, as Trump calls for more action 10-year Treasury yield falls below 1% for the first time after Fed slashes rates due to coronavirus Coronavirus live updates: 'Too early to decide' on Tokyo Olympics, Fed acts on coronavirus risk WHO officials make urgent plea for medical gear: 'Supplies are rapidly depleting' Coronavirus could be a boon for telemedicine, as health industry hopes to keep 'worried well' out of the hospital Amazon, Walmart and others battle price gouging on coronavirus-related products Super Tuesday live updates: James Comey endorses Joe Biden Trading app Robinhood experiencing 'major outage' for a second day amid heavy volume market action     TOP VIDEO Powell: Fed will do its part to keep economy strong   CNBC PRO An investors guide to Super Tuesday, according to RBC   SPECIAL REPORTS S&P 500 only in stage two of three-stage sell-off, Oppenheimer analyst says Trend signals stocks should rally to record highs by summer   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2020 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS