Another big market collapse heightens fears of global recession

Global markets collapsed again on Monday, dismissive of the U.S. Federal Reserve’s dramatic weekend rate cut and huge new round of quantitative easing, as the near-term economic carnage from the new coronavirus outbreak is coming into sharp relief.For the third time in less than a week, trading on the New York Stock Exchange was briefly suspended after the market plunged almost 12 percent upon opening, and it closed even lower, down almost 13 percent in one of its worst days ever, while stock markets across Europe and Asia posted sharp declines and crude oil cratered. Even though U.S. President Donald Trump finally has interest rates close to zero, the move to loosen monetary policy has done little to assuage nervous investors.