New York (CNN Business) US stocks are sharply lower on Monday, with the Dow falling to its lowest level in nearly three years. "I don't think [the Fed] would have done this unless they felt the financial markets were at significant risk of freezing up tomorrow. The Fed also coordinated action with the European Central Bank, Bank of England, Bank of Japan, Bank of Canada and Swiss National bank to shore up liquidity in the financial system. The central bank also said it would take other measures to lower borrowing costs to protect the economy that has been damaged by the coronavirus outbreak. Global monetary policy support is coming "thick and heavy," said Stephen Innes, global chief markets strategist at AxiCorp.

Source: CNN March 15, 2020 22:39 UTC