News Formal

US stocks tumble as Fed chief warns downturn may be long

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 9 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 63%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

NEW YORK (AFP) - Wall Street stocks slumped for a second straight session on Wednesday (May 13) after the Federal Reserve chief highlighted the risks facing the US economy after coronavirus shutdowns.. Read more at straitstimes.com.

NEW YORK - Wall Street stocks slumped for a second straight session on Wednesday after the Federal Reserve chief highlighted the risks facing the US economy after coronavirus shutdowns.The broad-based S&P 500 fell 1.8 per cent to 2,820.00, while the tech-rich Nasdaq Composite Index dropped 1.6 per cent to 8,863.17.

"Additional fiscal support could be costly, but worth it if it helps avoid long-term economic damage and leaves us with a stronger recovery," Powell said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

US: Stocks fall as Fed chief warns of lasting economic hit[NEW YORK] Wall Street stocks fell early Wednesday as the Federal Reserve chief said more fiscal support may be needed to prevent lasting damage to the US economy from the coronavirus crisis. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »