Federal Reserve makes first emergency rate cut since 2008 financial crisis

U.S. stocks jumped Tuesday after the Federal Reserve made an emergency rate cut to help shield the economy from the impact from the virus outbreak.

The Dow Jones Industrial Average rose 172 points, or 0.6% as of 10:10 a.m. Eastern time. It had been down as much as 356 points shortly before the announcement. The Dow surged 5% Monday in anticipation of moves by the Fed and other central banks to support the global economy following the worst week for stocks since the financial crisis of 2008. The Fed cut short-term rates by half a percentage point, the biggest cut in more than a decade.