U. S. stocks fell Wednesday after Federal Reserve Chairman Jerome Powell said the U. S. government may need to throw more help at the coronavirus crisis.
May 13 (UPI) — U. S. stocks fell Wednesday after Federal Reserve Chairman Jerome Powell said the U. S. government may need to throw more help at the coronavirus crisis.
The Dow Jones Industrial Average closed down 516.81 points, or 2.17 percent, while the S&P 500 dropped 1.75 percent and the Nasdaq Composite dropped 1.55 percent.
In prepared remarks for a webcast with the Peterson Institute for International Economics, Powell said more policy efforts might be needed to pull the U. S. economy out of the downturn that’s so far cost more than 30 million U. S. workers their jobs.
“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,” Powell wrote in the remarks.
