The S&P 500 has plunged more than ten percent while he Dow crashed over nine percent due to a wave of panic selling.
Even traditional safe havens cratered as fearful investors decided cash is king.
On a more global scale, the Fed in concert with five other central banks reduced the pricing on dollar swap lines to ensure that there is a sufficient amount of USA dollars - the global reserve currency - to ensure that the markets for borrowing and lending greenbacks overseas do not become overly strained.
Stocks dropped 8% in the first minutes of trading Monday on Wall Street and triggered another temporary halt to trading as huge swaths of the economy come closer to shutting down, from airlines to restaurants.
The coronavirus outbreak has produced the most profound shock to the financial system since the crash almost 12 years ago. Other travel companies have also seen sharp drops in demand from customers. It took similar steps, known as quantitative easing, during the financial crisis.
"There is a pyramid of uncertainty", said Quincy Krosby, chief market strategist for Prudential Financial. "We're not thinking in terms of recession".
The Fed also slashed reserve requirements for thousands of U.S. banks and eased conditions for banks at the discount window - again with the aim of helping financial institutions more easily meet the demand for credit from households and businesses straining under virus disruptions.
The U.S. Senate is under pressure to pass stimulus spending after the House of Representatives last week approved a multibillion-dollar bill.
Kevin Hassett, a former economic adviser to President Donald Trump, said on CNN that "that the odds of a global recession are close to 100% right now" and predicted the USA could lose about 1 million jobs in April.
That has economists slashing their expectations for upcoming months, and Wells Fargo Securities said Monday it now projects the U.S. economy will fall into a recession in the April-through-June quarter.
S. Korea reports 74 new coronavirus infections
Other major provinces and cities have also reported some infections, with Gyeonggi Province reporting 20 additional cases. South Korean soldiers disinfect Daegu after a second cluster of cases linked to a religious group emerged.
349 new Covid-19 deaths take Italy total to over 2000
Italy's proportion of fatalities to confirmed cases of the new coronavirus infection is now higher than that of China. More than 24,700 people in the country have been diagnosed with the disease and more than 1,800 people have died.
Finance ministers in the euro zone said the bloc so far has deployed a fiscal boost worth 1% of its gross domestic product to help the economy withstand the pandemic and pledged to do more if needed.
Rate-sensitive financial stocks tumbled 11.1%, leading declines among the major S&P sectors. Heavyweights Apple Inc, Microsoft Corp and Facebook Inc were among the biggest drags on the S&P 500. In Europe, the Stoxx 600 closed down 4.9pc. Multiple governments, including those of Italy, Spain and France, have initiated countrywide shutdowns in an effort to cease the spread of the coronavirus. The S&P index recorded no new 52-week highs and 325 new lows, while the Nasdaq recorded three new highs and 1,238 new lows.
Eastern time. The Dow Jones Industrial Average lost 2,371 points, or 10.2%, to 20,814, and the Nasdaq was down 9.3%. The S&P 500 dropped 12%, marking its worst day since December 2018, while the Nasdaq Composite also faced its worst day ever as it fell 12.3%.
Nearly nothing was left unscathed.
Energy stocks tracked a near 10% slump in oil prices, while technology stocks lost 9.2%.
The price of global benchmark Brent crude tanked more than 12 percent on Monday, falling below $30 a barrel, while U.S. benchmark West Texas Intermediate crude fell 9.64 percent to $28.67 a barrel.
Benchmark 10-year Treasury notes last rose 66/32 in price to yield 0.745%.
The Fed's second emergency rate cut in less than two weeks came late Sunday, just two days ahead of its scheduled policy meeting on Tuesday and Wednesday.
A pedestrian passes a almost empty Fulton Center station as businesses are closed due to coronavirus concerns, in New York, March 16, 2020. South Korea and Kuwait both lowered rates, while Russian Federation and Germany were throwing together multi-billion dollar anti-crisis funds.
ROBBIE WILLIAMS has quarantined himself in a separate Californian mansion to his wife Ayda Field. "Hello, folks. Field, 40, and the couple's four children are "social distancing" at their Malibu estate for two weeks.
De Sébastopol à Vladivostok en passant par Kaliningrad, ils ont plébiscité la réforme constitutionnelle. L'amendement à la constitution russe doit encore être approuvé par le peuple lors d'un référendum.
The amusing clip sees the film star telling his nonplussed pet pooch: 'Look at this Cherry, this is how you wash your hands. Watch below and you'll feel immediately at home with the gang beside his cabinet of knick knacks.
Health and Human Services Department's (HHS) computer system suffered a cyberattack Sunday night, Bloomberg reported Monday. Cyber Command Paul Nakasone is leading the investigation into the source of the attack.
New Zealand bond yields have never been lower than they are now - meaning it is very cheap for the Government to borrow money. Economist Shamubeel Eaqub said he was not surprised that fixed home loan rates had not yet been cut.
British Columbia health officials have banned gatherings of over 50 people in an effort to prevent the further spread of COVID-19. Officials did not confirm where the seven new cases are, only that they are in the Island Health catchment area.
We've been buying ventilators for several weeks now but we also need to manufacture more and as we've discussed in the House. Hancock said there were 5,000 ventilators available at the moment, but that many times that number would be needed.
That means all 144 players in the field who started will receive just over $52,000 in prize money that is considered unofficial. And now it's on to, how do we address and help the communities that we vacated? " We are great and our households are great".
Idris Elba Tests Positive For Coronavirus
I just wanted to share my news with you guys, and I will keep you updated as to how I'm doing", Elba said in his video. He encouraged people to wash their hands frequently and avoid going out if it wasn't necessary.