New York/Hong Kong/London (CNN Business) US stocks opened lower Monday and European markets stayed stuck in reverse even after the US Federal Reserve committed itself to creating an unlimited amount of money to prevent the world's largest economy from plunging into a deep recession. The decision to buy unlimited amounts of government bonds was part of a much bigger package of extraordinary measures announced by the Fed, which also included a promise to launch a Main Street lending program. US stocks were poised to open dramatically lower prior to the announcement from the central bank, which briefly lifted European stocks and oil prices. The Dow, S&P 500 and Nasdaq pulled back some of their losses, but still started the trading session in negative territory. "It has become clear that our economy will face severe disruptions," the Federal Reserve said in a statement.

Source: CNN March 22, 2020 22:59 UTC