U.S. stocks fall in volatile trade after Fed rate cuts

U.S. stocks dropped in volatile trading even after the U.S. Federal Reserve made an emergency rate cut of half a percentage point in an attempt to alleviate the economic impact of the coronavirus outbreak.

The move is the first emergency rate cut of its kind since the financial crisis in late 2008.

The Dow Jones Industrial Average went lower by 500 points, or 1.9 percent, after surging by more than 300 points earlier in the day. The S&P 500 and Nasdaq Composite both inched down by at least 1.5 percent, according to data compiled by CNBC.