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Jerome Powell: Jobs Won't Get Back Soon
London (CNN Business) - Stock recovery hit a hurdle: a bleak economic outlook for the US Federal Reserve. USA And the number of coronavirus cases reaching 2 million in the United States makes investors question whether they have pushed the stock market too far, too fast.
US stocks fell in the opening bell in New York, with the Dow (INDU) falling 900 points, or 3.4%. The S&P 500 slumped 2.7%, and the Nasdaq Composite (COMP) fell 2.2%. The Nasdaq had climbed to all-time highs in each of the last three sessions and rose above 10,000 points for the first time.
US crude oil prices fell more than 7%, to $ 36.74 per barrel.
MIRA: Why was there a mistake in the US unemployment rate?
The increasing number of coronavirus cases in the United States has baffled Wall Street. A second wave of infections could force many companies to close again right after they reopened.
Federal Reserve Chairman Jerome Powell said Wednesday that the economic future was highly uncertain. While acknowledging that the May jobs report was a pleasant surprise, he noted that many millions of Americans will never return to their jobs and could remain unemployed for years.
