US stocks took yet another fall from green territory on Wednesday, with the Dow Jones Industrial Average index plunging more than 500 points after the Federal Reserve…
The decline in stock values proved broad, with 11 of the S&P 500’s sectors finishing in the red. The index’s downturn was largely led by the energy and financial branches, which plummeted nearly 5% and 3%, respectively. As for the Dow Jones, Raytheon Technologies and Dow Inc. fell at least 5%, proving to be the index’s worst-performing stocks.
The major indices experienced their massive slump at midday trading, after several investors and Jerome Powell, the head of the US Federal Reserve, provided a dim outlook on an economic recovery.
Oil prices, meanwhile, slipped by more than 1%.
“All the stimulus in the world will not offset businesses closing their doors for an extended time,” he added.
Raich’s remarks come as Washington, DC, officials extended the national capital’s stay-at-home order to June 8 after failing to document a sufficient decline in COVID-19 coronavirus cases.
