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Stocks closed broadly lower on Wall Street for the second day in a row Wednesday, weighed down by worries about a slow recovery for the economy.
The weakness came after Federal Reserve Chair Jerome Powell warned about the threat of a prolonged recession because of the shutdowns related to the coronavirus pandemic.
Stocks that most need a healthy economy for their profits to grow, like energy companies and banks, took the biggest losses.
The S&P 500 fell 50.12 points, or 1.7%, to 2,820.
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The Dow Jones Industrial Average dropped 516.81 points, or 2.2%, to 23,247.97.
The Nasdaq composite lost 139.38 points, or 1.5%, to 8,863.17.
The Russell 2000 index of small company stocks gave up 42.29 points, or 3.3%, to 1,233.25.
For the week:
The S&P 500 is down 109.80 points, or 3.7%.
The Dow is down 1,083.35 points, or 4.5%.
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The Nasdaq is down 258.15 points, or 2.8%
The Russell 2000 is down 96.39 points, or 7.2%.
For the year:
The S&P 500 is down 410.78 points, or 12.7%.
The Dow is down 5,290.47 points, or 18.5%.
The Nasdaq is down 109.44 points, or 1.2%
The Russell 2000 is down 435.22 points, or 26.1%.
Copyright © 2020 . All rights reserved. This website is not intended for users located within the European Economic Area.