Stock Market News: Tilray Comes Down; Thermo Fisher Makes a Big Buy

The stock market saw considerable volatility on Tuesday morning, initially giving up ground on renewed fears about the global spread of the COVID-19 outbreak. Stocks briefly bounced higher after the Federal Reserve announced that it would cut interest rates by half a percentage point in an unusual move between meetings of the Federal Open Market Committee, showing that central banks remain on guard to support the economy in the face of potential disruptions related to the coronavirus.

Yet market participants quickly lost confidence in the move, and by 11:30 a.m. EST, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 477 points to 26,227. The S&P 500 (SNPINDEX: ^GSPC) had fallen 58 points to 3,032, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) had dropped 133 points to 8,820.

Earnings season has largely ended, but news continued to trickle in from the cannabis sector, as Tilray (NASDAQ: TLRY) gave its latest reading on conditions among marijuana stocks. Meanwhile, Thermo Fisher Scientific (NYSE: TMO) took advantage of big declines in stock markets to announce a strategic acquisition that could have major implications for its growth.

Source Fool.com