Markets slid further on Monday, with the Dow Jones Industrial Average dropping nearly 3,000 points. According to The Wall Street Journal, the Dow’s 2,997 point drop represented a 12.9 percent slide. The S&P 500 similarly fell 12 percent, and the Nasdaq Composite also fell 12.32 percent—reportedly one of its sharpest drops on record. All three indexes are now in bear-market territory. This comes after the Federal Reserve unveiled a number of moves to calm the markets—including a benchmark interest rate cut to near zero, cutting the rate charged to banks for short-term emergency loans, and the purchase of $700 billion in Treasury and mortgage-backed securities.
