New York: Wall Street's three major indexes closed lower for the second day in a row after Federal Reserve Chairman Jerome Powell warned on Wednesday of extended economic weakness due to the coronavirus pandemic and called for Congress to agree on additional fiscal support.
While the indexes closed above their session lows as they pared losses in the final minutes of the day, investors appeared to price in a deeper economic downturn than they had previously expected, fearing Powell's call for additional stimulus would go unanswered.