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MarketWatch MarketPulseJan 27, 2021
Dow skids over 600 points lower near Wednesday's nadir as Fed's Powell says COVID 'adds to economic uncertainty'
U.S. stocks saw losses gather steam Monday afternoon as the Federal Reserve Chairman Jerome Powell offered a sobering outlook for the U.S.'s battle against COVID-19, which continues to hobble the economy if not the stock market. The Dow Jones Industrial Average was trading down by about 600 points Wednesday afternoon at 30,347, which would represent its sharpest daily skid since around October. The S&P 500 index was drifting 2.5% lower to 3,754, while the Nasdaq Composite Index was down 2.4% at 13,300. Fed Chairman Jerome Powell has emphasized repeatedly that it is premature for the U.S. central bank to contemplate exiting its accommodative monetary policy stance. The Fed has cut its policy interest rate close to zero and is buying $120 billion per month of U.S. Treasurys and mortgage-backed securities to help the economy recover from the pandemic. During a news conference at 2:30 p.m. Eastern, Powell said new strains of coronavirus "add to economic uncertainty." However, he emphasized that the U.S. economic recovery has been strong from its lows and said financial stability vulnerabilities are 'moderate' right now.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseJan 27, 2021
Dow tumbles 630 points to mark worst selloff in 3 months as stock market fixates on surge in GameStop, AMC shares
The Dow Jones Industrial Average on Wednesday booked its worst daily decline since late October, ringing up the fifth straight decline and its longest losing streak since February in the process. The drop for the Dow and the broader market comes as investors appeared increasingly concerned about COVID-19 vaccine distribution and fixated on the surge in prices in heavily shorted companies movie chain AMC Entertainment Holdings and videogame retailer GameStop Corp. , which have been propped up by a band of retail investors on social-media platforms. Meanwhile, the Federal Reserve kept its policy measures steady, as expected, but Chairman Jerome Powell offered a sober outlook for the ecoomy and market against the backdrop of the raging pandemic. The Dow [: DJIA] closed down 634 points, or 2.1%, to end at 30,302, on a preliminary basis, representing its sharpest one-day slide since Oct. 28. The fifth straight decline also was the most since a seven-session slide ended Feb. 28. The S&P 500 index retreated 2.6% to close around 3,750, also marking its worst day since late October. The Nasdaq Composite Index retreated 2.6% to 13,270. Fed Chair Jerome Powell stressed that the economy remained far from a recovery, but also underscored that recent asset gains have been driven largely by optimism about the rollout of vaccines to combat the coronavirus pandemic, as well as by fiscal policy, and not necessarily by accommodative monetary policy. Meanwhile, shares of GameStop ended 135% higher, putting it up 435% on the week. Those for AMC climbed over 300% and are up 467% thus far in the week.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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