The Dow Jones Industrial Average <a href="https://en.wikipedia.org/wiki/2020_stock_market_crash#Black_Monday_II_(16_March)" id="mwAWQ" rel="mw:WikiLink" title="2020 stock market crash">falls by 2,997.10</a>, the single <a href="https://en.wikipedia.org/wiki/List_of_largest_daily_changes_in_the_Dow_Jones_Industrial_Average" id="mwAWU" rel="mw:WikiLink" title="List of largest daily changes in the Dow Jones Industrial Average">largest point drop in history</a> and the second-largest percentage drop ever at 12.93%, an even greater crash than <a href="https://en.wikipedia.org/wiki/Wall_Street_Crash_of_1929" id="mwAWY" rel="mw:WikiLink" title="Wall Street Crash of 1929">Black Monday (1929)</a>. This follows the <a href="https://en.wikipedia.org/wiki/Federal_Reserve" id="mwAWc" rel="mw:WikiLink" title="Federal Reserve">U.S. Federal Reserve</a> announcing that it will cut its target interest rate to 0–0.25%.<sup about="#mwt189" class="mw-ref reference" data-mw='{"name":"ref","attrs":{},"body":{"id":"mw-reference-text-cite_note-36"}}' id="cite_ref-36" rel="dc:references" typeof="mw:Extension/ref"><a href="./March_16#cite_note-36" id="mwAWg" style="counter-reset: mw-Ref 36;"><span class="mw-reflink-text" id="mwAWk">[36]</span></a></sup>
<span class="mw-reference-text" id="mw-reference-text-cite_note-36"><cite about="#mwt186" class="citation web cs1" id="mwCzw"><a class="external text" href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm" id="mwCz0" rel="mw:ExtLink nofollow">"Federal Reserve issues FOMC statement"</a>. <i id="mwCz4">Federal Reserve</i>. March 15, 2020. <a class="external text" href="https://web.archive.org/web/20200317021707/https://www.federalreserve.gov/newsevents/pressreleases/monetary20200315a.htm" id="mwCz8" rel="mw:ExtLink nofollow">Archived</a> from the original on March 17, 2020<span class="reference-accessdate" id="mwC0A">. Retrieved <span class="nowrap" id="mwC0E">March 17,</span> 2020</span>.</cite><span about="#mwt186" class="Z3988" id="mwC0I" title="ctx_ver=Z39.88-2004&amp;rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&amp;rft.genre=unknown&amp;rft.jtitle=Federal+Reserve&amp;rft.atitle=Federal+Reserve+issues+FOMC+statement&amp;rft.date=2020-03-15&amp;rft_id=https%3A%2F%2Fwww.federalreserve.gov%2Fnewsevents%2Fpressreleases%2Fmonetary20200315a.htm&amp;rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarch+16"></span></span>