Wall Street retreats as business activity slows, raising fears over economy

REUTERS: Wall Street's main indexes fell on Wednesday after data showing a cooling of U.S. business activity and the stalemate in Congress over more fiscal stimulus heightened fears of a choppy economic recovery from the pandemic-driven recession.

"We're at that phase where it's harder to get that next bit of the recovery, that next bit of the reopening in place," Pride said."We're still doing it, but the progress is way slower than it was in the first three months of the reopening." Federal Reserve Chair Jerome Powell said on Wednesday that the central bank was not planning any"major" changes to its Main Street Lending Program, while saying that both the Fed and Congress need to"stay with it" in working to bolster the economic recovery.

Meanwhile, the U.S. Justice Department unveiled a legislative proposal, which would need congressional approval, that seeks to reform a legal immunity for internet companies and follows through on President Donald Trump's bid from earlier this year to crack down on tech giants. At 2:30 p.m. ET, the Dow Jones Industrial Average fell 362.01 points, or 1.33per cent, to 26,926.17. The S&P 500 lost 54.65 points, or 1.65per cent, to 3,260.92, and the Nasdaq Composite dropped 246.63 points, or 2.25per cent, to 10,717.01.

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