US Stocks Sharply Fall

The three main indices of US stocks fell today after economic data showing slowing US economic activity in addition to doubts about further monetary stimulus amid a rise in new cases of the coronavirus.

Fed Chairman Jerome Powell said that the Fed is not planning any major changes to the Main Street lending program but stressed that both the Fed and the US Congress need to stay together in working to boost the economic recovery.

The Dow Jones Industrial Average fell 525.05 points, or 1.92% to 26,763.13 points, and the Standard & Poor's 500 Index declined by 78.65 points, or 2.37% to 3,236.92 points, as well as the Nasdaq Composite Index declined 330.65 points, or 3.02% to 10,632.99 points.