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

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 66%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia Headlines

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 ...

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.

 

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:

 /  🏆 6. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

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

Wall Street opens higher as tech stocks bounceThe S&P 500 and Nasdaq indexes were set to open higher on Tuesday, with beaten-down shares of technology-related companies leading early gains, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Asian stocks set to gain after Wall Street's tech bounceAsian stocks were set to open higher on Wednesday after tech-fueled Wall Street gains although focus is shifting to renewed U.S.-Sino tensions, ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Nike lifts S&P 500, Dow ahead of business activity dataThe S&P 500 and the Dow opened higher on Wednesday, with Nike hitting a record high following a strong quarterly earnings report, while investors ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »