The Dow Jones Industrial Average is falling sharply despite an interest rate cut by the Federal Reserve. The Dow fell by more than 600 points after a press conference by Fed Chairman Jerome Powell. The Fed cut a key interest rate by a half percentage point in an emergency response to the COVID-19 coronavirus outbreak.

Breaking: The Fed cut its benchmark rate by a half percentage point, delivering a booster shot to stem potential economic disruptions from the coronavirus https://t.co/5eVxPRykeC

— The Wall Street Journal (@WSJ) March 3, 2020

The 10-year Treasury yield is hitting a record low again after the Federal Reserve cut a key interest rate half a percent today. It dropped more than six basis points to one-point-zero-two-six percent. The bond rate has been falling as people take money out of stocks and look for a safe place to put it.