Stock Ended Lower after Powell Warns of “Lasting Damage”

U.S. stocks ended lower on Wednesday, as investors eyed comments being made by Federal Reserve Chairman Jerome Powell about the economic outlook in the aftermath of the COVID-19 pandemic. The Dow Jones Industrial Average fell 516.81 points, or 2.17% , to 23,247.97. The S&P 500 was down 50.12 points, or 1.75%, to 2,820.00. The Nasdaq Composite declined 139.38 points, or 1.55%, to 8,863.17.

Oil prices settled with a loss on Wednesday, failing to find support even after U.S. government data showed an unexpected weekly decline in domestic crude supplies. West Texas Intermediate crude fell by 49 cents, or 1.9%, to settle at $25.29 a barrel. July Brent fell 79 cents, or 2.6%, at $29.19 a barrel.

Federal Reserve Chairman Jerome Powell said the central bank would continue to use its policy tools to mitigate the impact of the novel coronavirus on the U.S. economy, but warned that the length of the health crisis raises “longer-term concerns.”