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US stocks tumble as Fed chief warns downturn may be long

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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.

 

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