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Wall Street falls as US Fed chief warns of lasting economic hit from coronavirus

Usa county Jerome city Powell, county Jerome economy crisis prevention Coronavirus
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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.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 23,563.20, down 0.9 percent. The broad-based S&P 500 dropped 0.6 percent to 2,852.64, while the tech-rich Nasdaq Composite Index dipped 0.1 percent to 8,995.46.

Fed Chair Jerome Powell pointed to the hit to households from elevated unemployment and the permanent loss of small businesses as among the imperatives that could require Congress to spend beyond the $3 trillion already approved in response to the COVID-19 hit. "Additional fiscal support could be costly, but worth it if it helps

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COVID-19
United States
United States
Cases: 46 252 513
Deaths: 750 423
Recovered: 0
India
India
Cases: 34 321 025
Deaths: 459 652
Recovered: 0
Brazil
Brazil
Cases: 21 835 785
Deaths: 608 235
Recovered: 0
United Kingdom
United Kingdom
Cases: 9 215 683
Deaths: 141 607
Recovered: 0
Russia
Russia
Cases: 8 494 589
Deaths: 237 619
Recovered: 0
Detail statistic
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