Financial District

“The longer the downturn lasts, the greater the potential for longer-term damage from permanent job loss and business closures,” Powell said. “Long periods of unemployment can erode workers’ skills and hurt their job prospects.”

The Dow Jones Industrial Average was down 629 points, or 2.5%, at 24,975, as of 9:48 a.m. Eastern time, and the Nasdaq composite was down 1.5%. The losses were widespread, with 98% of the stocks in the S&P 500 lower

The report gives credence to the building optimism among stock investors that the economy can recover relatively quickly from its current hole.

U.S. equity markets fought for gains Tuesday after President Trump threatened to deploy the military to quell violence and looting in cities across America after the death of a black man in police custody in Minneapolis.

CBO expects a 'significant markdown' in GDP over the coming decade.

U.S. equity markets curbed the bulk of their losses Friday after President Trump announced a new wave of crackdown efforts on China, but stopped short of instituting new sanctions or upending the trade deal between the two countries.

The Dow Jones Industrial Average fell 148 points, or 0.58 percent, while the S&P 500 slipped 0.21 percent.

U.S. equity markets were mixed Wednesday as U.S. states continued with their plans to reopen America.

U.S. equity markets surged to their best levels in months as states continued to reopen and as traders returned to the New York Stock Exchange for the first time since shutting down on March 23 to slow the spread of COVID-19.

U.S. equity markets slipped Thursday as investors weighed the pace of the economic recovery after job losses tied to COVID-19 remain elevated.

U.S. equity markets maintained gains Wednesday even though the Federal Reserve, in the April minutes, warned the coronavirus may carry 'considerable risk' for the U.S. economy.

U.S. equity markets closed lower across the board giving up earlier gains as investors took profits and reassessed the progress of a potential coronavirus treatment.

U.S. equity markets soared Monday after drugmaker Moderna announced progress toward a COVID-19 vaccine and as lockdowns continued to ease nationwide.

The Dow Jones Industrial Average climbed 60 points, or 0.25 percent, while the S&P 500 and the Nasdaq Composite rose 0.39 percent 0.79 percent, respectively.

U.S. equity markets curbed losses and finished at session highs as financials led on renewed M&A speculation and comments from President Trump signaled the U.S. could have a coronavirus vaccine by year-end.

U.S. equity markets slid Tuesday as members of President Trump's task force on the coronavirus testified before Congress signaling that virus risks remain as states reopen for business. Additionally, the CDC disclosed fresh data that showed an uptick in U.S. cases of the virus.

U.S. stock markets tumbled Wednesday after Federal Reserve Chairman Jerome Powell said the central bank will take further steps to combat the worst downturn since World War II.