US stocks resume downward trend amid skepticsm of Fed rate cut

New York (AFP) – Wall Street stocks suffered another rout Tuesday, while the yield on US Treasury bonds slid to new all-time lows as investors panned the Federal Reserve’s surprise interest rate cut.The US central bank slashed its key interest rate by a half point to a range of 1.0-1.25, a bigger cut than usual, saying the move was needed because “coronavirus poses evolving risks to economic activity.”US stocks initially cheered the Fed announcement, but soon pulled back, resuming a market downturn that pummeled Wall Street and eroding most of the ground won in Monday’s big rally.European stoc…

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