Markets crater as coronavirus fears overwhelm central bank emergency measures

Markets crater as coronavirus fears overwhelm central bank emergency measures

NEW YORK/LONDON (Reuters) - Markets reeled on Monday, with stocks on Wall Street and the price of Brent crude tumbling more than 10%, as the Federal Reserve's second emergency rate cut in as many weeks failed to calm fears of a coronavirus-induced recession.. The S&P 500 plunged 8% at the open to trigger an automatic 15-minute trading halt on the three main U.S. stock indexes, marking the third emergency pause on Wall Street in six days.. Investors worried that the Fed action, joined by central banks in Japan, Australia, New Zealand and elsewhere, may be insufficient for companies facing a sharp slide in demand.. The New York Fed said it would offer an additional $500 billion in support to overnight lending markets, introducing the latest round of essentially unlimited loans meant to keep cash flowing through increasingly tight credit markets.. MSCI's gauge of stocks across the globe shed 9.14% and the pan-European STOXX 600 index lost 4.86% as stock markets pared initial deeper losses in Europe.. FILE PHOTO: A trader works on the floor of the New York Stock Exchange shortly before the closing bell as the market takes a significant dip in New York, U.S., February 25, 2020.. Oil