Dow down 500 points after Fed's Powell describes economy's path as uncertain
U.S. stock benchmarks fell sharply Wednesday as Federal Reserve Chairman Jerome Powell offered an uncertain near-term outlook of the economy, as state and federal officials attempting to restart businesses from a coronavirus-induced lockdown.
“The recovery may take some time to gather momentum and the passage of time can turn liquidity problems into solvency problems,” said the Fed chairman. Investors cited remarks by Fauci on Tuesday for contributing to the sour mood in equities. The director of the National Institute of Allergy and Infectious Diseases told a Senate committee that reopening too soon could lead to more disease outbreaks and unnecessary deaths.
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