U.S. financial markets slid early Monday despite the Federal Reserve signaling further intervention to help lessen the blow of the coronavirus pandemic on the economy.

The Dow Jones Industrial Average slipped more than 500 points, or over 2%, as markets opened. The S&P 500 similarly fell more than 2% and the Nasdaq was down by more than 1.5%

The volatility began late Sunday night, when Dow futures plummeted below the 5% limit-down threshold after bipartisan talks on a $1.8 trillion economic stimulus package broke down.

Early Monday, however, there was a spike in premarket trading after the Fed announced a series of additional measures to juice the economy.

In a statement early Monday, the Fed said it would purchase Treasury securities and mortgage-backed securities “in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”

The Fed has previously pledged to slash interest rates and launch a short-term lending facility amid the coronavirus crisis.

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