The steeper selling in U.S. equity markets resumed Monday afternoon after the Federal Reserve took emergency action to combat the economic harm caused by the new coronavirus outbreak.

The Dow Jones Industrial Average was off over 2,300 points after falling by more than 2,800 points, or 12 percent, at its worst levels while the S&P 500 and Nasdaq Composite were down around 7 percent each. Trading was halted for 15 minutes shortly after the opening bell due to the S&P 500's decline of more than 7 percent.

The sharp selloff comes after the Fed, at an emergency meeting on Sunday evening, cut its benchmark interest rate by 100 basis points to near zero and announced a $700 billion asset purchase program. The Fed’s action was part of a coordinated effort by central banks around the world. Read more at FOX Business