Stocks decline after Fed's Powell warns of further risks

[Yo_Mama_Been_Loggin]

Stocks fell Wednesday as traders grappled with downbeat remarks from the top-ranking Federal Reserve official amid jitters about reopening the economy.

The Dow dropped 550 points, or 2.3%, while the S&P 500 and Nasdaq also fell about 2.3%

“While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks,” Fed Chairman Jerome Powell said in prepared remarks for a webcast event with the Peterson Institute for International Economics, noting that more needs to be done to sustain the economy. Powell added, however, the economy should see a substantial recovery once the coronavirus is under control.

Powell’s remarks came after the Labor Department reported last week that a record 20.5 million jobs were lost in April. They also come as several states begin reopening their economies, raising concern among experts about the potential of a second wave of coronavirus cases.

https://www.msn.com/en-us/money/markets/stocks-decline-after-feds-powell-warns-of-further-risks/ar-BB13SBLb

[SWBTATTReg]

1. Duhhh. People I think already know this. Especially w/ the idiot in chief screwing everything up,

as usual. I don't expect anything good from this idiot.

[roamer65]

2. He's right.

Monetary policy can’t fix a public health crisis.

[thucythucy]

3. In other words:you can't print your way out of a pandemic. nt