Wall Street's main indexes fell on Wednesday after Federal Reserve Chairman Jerome Powell warned of an extended period of weak growth and stagnant incomes due to the coronavirus pandemic.
It will take some time for the US economy to get back to where it was, Powell said in a webcast, and called for more fiscal stimulus.
"Powell's doing the right thing by warning people that this is not just going to be a V-shaped recovery," said Sam Hendel, president and co-portfolio manager of New York-based Levin Easterly Partners.
The three main US stock indexes have climbed about 30% from their March lows as investors bet on a pickup in business activity after various states eased virus-induced lockdowns that have caused mass layoffs and disrupted supply chains.
At 11:31 a.m. ET, the Dow Jones Industrial Average was down 307.23 points, or 1.29%, at 23,457.55, the S&P 500 was down 26.48 points, or 0.92%, at 2,843.64. The Nasdaq Composite was down 48.44 points, or 0.54%, at 8,954.12.
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