The Dow industrials fell about 500 points after Fed chief Jerome Powell said further stimulus could be needed to support the economy’s recovery
U.S. stocks fell Wednesday after Federal Reserve Chairman Jerome Powell said further stimulus could be needed to support the economy’s recovery from the coronavirus-induced contraction.
The S&P 500 dropped 1.6% as of the 4 p.m. close of trading in New York, extending Tuesday’s loss of more than 2%. The Dow Jones Industrial Average lost 2.1%, or 500 points, and the Nasdaq Composite slipped 1.5%.
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