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Dow tumbles 525 points as Fed officials call for more stimulus from Congress

Dow tumbles 525 points as Fed officials call for more stimulus from Congress


Getty Images / Xinhua News Agency



Stocks reversed in mid-day trading on Wednesday and finished the day sharply lower as Federal Reserve officials made renewed calls for Congress to pass more fiscal stimulus.



The stock market initially rose in early trading hours as investors sized up better-than-expected earnings from Nike and COVID-19 vaccine progress.



Watch major indexes update live here.

Stocks fell on Wednesday as Federal Reserve officials made renewed calls for Congress to pass more fiscal stimulus.Fed Vice-Chair Richard Clarida piled onto recent calls from Fed Chair Jerome Powell that Congress needs to pass another round of fiscal stimulus to help the economy recover from the COVID-19 pandemic. Additionally, Boston Fed Chief Eric Rosengren blamed Wall Street for slowing small-business recovery efforts, and warned that sluggish stimulus progress could cripple the economic rebound.The comments spurred an afternoon sell-off after major indexes traded in positive territory for much of the morning. They were initially lifted by a blockbuster earnings report from Nike and progress on a COVID-19 vaccine as Johnson & Johnson said it would begin a phase-three trial of its COVID-19 vaccine candidate.
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