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Stocks tumble as economic swoon, coronavirus spike leave investors fretting

Added 06-11-20 10:04:03am EST - “Jobless claims slowed, although remaining high, after the Federal Reserve warned the country's recovery from the coronavirus slump would be prolonged.” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Stocks tumble as economic swoon, coronavirus spike leave investors fretting”. Below is an excerpt from the article.

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Chairman Jerome Powell says the Federal Reserve isn't focused on moving asset prices in a particular direction and wants investors to price in risk and let the markets work like normal.

U.S. equity markets plunged Thursday morning after the Federal Reserve warned of a slow economic recovery and a number of states reported a resurgence in COVID-19 infections.

The Dow Jones Industrial Average tumbled 904 points, or 3.35 percent, while the S&P 500 and the Nasdaq Composite dropped 2.75 percent and 2.3 percent, respectively.

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