Dow falls more than 500 points after Powell warns of gloomy economic outlook
By Niv Elis - 05/13/20 04:16 PM EDT
U.S. stock markets fell on Wednesday following remarks from Federal Reserve Chairman Jerome Powell offering a gloomy outlook for the economy after the coronavirus pandemic.
The Dow Jones Industrial Average was down 517 points, or 2.2 percent, while the S&P 500 dropped 50 points, or 1.8 percent.
Earlier in the day, Powell backed significantly more spending if it counters further economic damage caused by the pandemic.
“There is a growing sense that the recovery may come more slowly than we would like, but it will come. And that may mean that it's necessary for us to do more,†he said.
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https://thehill.com/policy/finance/497633-dow-falls-more-than-500-points-after-powell-warns-of-gloomy-economic-outlook
