Markets down on rate cut

Biotech, tech and blue chips gave back all of their Monday gains and then some on Tuesday, as the Fed reduced interest rates by 50 basis points, disappointing investors who were betting on a rumored 75 basis point cut (see BioCentury Extra, Monday March 13). The BioCentury 100 Index fell 3.8 percent, with decliners outnumbering gainers 83-15. The NASDAQ fell 4.8 percent, while the DJIA and the S&P 500 each slipped 2.4 percent. ...