US stocks plunge again after US Federal Reserve chairman says more stimulus is need for the US economy and economic data shows a slowdown in the services industry.
The selling has resumed on Wall Street as investors take flight after the head of the US central bank said America's economy needed more stimulus to help it survive the coronavirus pandemic.Tesla shares slumped more than 10 per cent after a disappointing "Battery Day" updateThe US Congress has yet to pass a fresh stimulus package, with attention moving to the appointment of a new US Supreme Court justice following the death of Ruth Bader Ginsberg.
"We've come a long way pretty quickly, and that's great," he said. "But there's a long way to go. So I just would say we need to stay with it, all of us."The speed of the recovery in the US economy slowed in September with new figures from IHS Markit showing that gains at factories were offset by a slowdown in the services industry.
"We're at that phase where it's harder to get that next bit of the recovery, that next bit of the reopening in place," he said. The plunge came six months after US stocks fell to their low point during the coronavirus sell off on March 23. Bloomberg reported that Wall Street giant JP Morgan would pay a nearly $US1 billion fine to resolve government investigations into its trading practices.
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