5/13, 5:58 PM (Source: TeleTrader)
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Dow continues falling, goes down over 500 pts

The Dow Jones Industrial Average dropped over 500 points on Wednesday after Federal Reserve Chair Jerome Powell stated a "sharp decline" of unemployment is expected. However, he warned it will take time to return the country's economy to the pre-crisis level.

He also insisted the bank will not consider rates below zero despite the fact that "there are fans" of such policy.

The Dow lost 505 points at 11:58 am ET as Raytheon led the losses falling by 6.05%. At the same time, the S&P 500 sank 1.65% while the Nasdaq 100 was down 1.16%.

Breaking the News / TF