The stock market moved lower on Wednesday morning, reacting negatively to comments from Federal Reserve Chair Jay Powell. Powell painted an ugly picture of what the future might bring, noting all the challenges that the economy will face in trying to recover from the severe disruptions that the coronavirus pandemic has caused. As of 11:15 a.m. EDT, the Dow Jones Industrial Average (DJINDICES: ^DJI) was down 227 points to 23,537. The S&P 500 (SNPINDEX: ^GSPC) fell 15 points to 2,855, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) eased lower by 15 points to 8,988.
Leading stocks lower were airlines, with significant losses for major carriers and smaller companies alike. With so much doubt about whether travel will ever be the same, investors are fearful about the long-term prospects for airlines and their ability to make changes that reflect a new normal in a post-coronavirus world.
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