Dow falls for a third-straight day, losing 500 points after Powell's warning

[brooklynite]

Source: CNBC

Stocks fell on Wednesday as investors grappled with downbeat remarks from the top-ranking Federal Reserve official along with worries over the market’s valuation.

The Dow Jones Industrial Average dropped 516.81 points, or 2.1%, to 23,247.97. The 30-stock average had its worst day since May 1. The S&P 500 closed 1.8% lower at 2,820 while the Nasdaq Composite fell 1.6% to 8,863.17. The tech-heavy index also fell back into negative territory for 2020 after Wednesday’s decline.

Fed Chairman Jerome Powell said that more needs to be done to support the economy.

“While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks,” he said. Powell added, however, the economy should see a substantial recovery once the coronavirus is under control.

Read more: https://www.cnbc.com/2020/05/12/stock-market-futures-open-to-close-news.html

[Turbineguy]

1. Trump and McConnell

are working hard to collapse the economy.

[empedocles]

2. 'working hard to collapse the [near future] economy' - no less.

[Evolve Dammit]

3. Half of U.S. has no stock(s) investments at all. Half. Zero, nada, zilch. Nuttin' honey.

[Rebl2]

4. Sorry chairman

Powell , but that’s not going to happen until there is a vaccine.

[Bengus81]

5. Wait till the Dems pass the next stimulus bill on Friday and McConnell torpedo's it.....

Help for nurses,first responders and laid off people. Suddenly turtle finds us not being able to afford anything. Not one HINT of him saying that when trillions in ridiculous 14% tax cuts for Corporations and more for the richest of the rich were handed out.

Those huge tax cuts are a gift that will keep on costing us year after year after year,unlike two or three stimulus packages.