The Dow fell more than 1,600 points and the S&P 500 was down 5%, on track for its worst day in nearly three months. The Federal Reserve dimmed some of the optimism investors have had about a swift economic rebound Wednesday, warning that the road to recovery from the worst downturn in decades would be long. Bond yields fell and the price of gold surged as worried investors shifted money into the traditional safe-haven assets. The total number of US cases has now surpassed 2 million, and cases are rising in nearly half the states, according to an Associated Press analysis. That report helped stoke optimism among investors that the economy can climb out of its current hole faster than forecast.

Source: Hindustan Times June 11, 2020 20:02 UTC