(CNBC) -- Stocks fell on Wednesday as investors grappled with downbeat remarks from the top-ranking Federal Reserve official along with worries over the market’s valuation.
The Dow Jones Industrial Average dropped 516.81 points, or 2.1%, to 23,247.97. The 30-stock average had its worst day since May 1. The S&P 500 closed 1.8% lower at 2,820 while the Nasdaq Composite fell 1.6% to 8,863.17. The tech-heavy index also fell back into negative territory for 2020 after Wednesday’s decline.
Fed Chairman Jerome Powell said that more needs to be done to support the economy.
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