U.S. stock markets fell 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.