US stocks tumbled Thursday, amid negative economic forecasts issued by the US Federal Reserve (Central Bank), and a surge in cases of emerging Corona virus across the country.
A series of negative news ended a long weeks-long rally on Wall Street, with the Dow Jones Industrial Average down 1861 points, or 6.9%, and the broader Standard & Poor's NYSE falling 5.89%.
The Nasdaq Technology shares ended the trading session down by 5.27%.
The decline comes a day after the Reserve Board expected that the unemployment rate will remain above 9% this year, and higher over the coming years.
The Reserve Board said that it would keep unchanged interest rates stable near zero, in order to boost the economy, and expected that interest would not increase until the end of 2022, when the bank president sees a pace of economic recovery "exceptionally unclear."
On the other hand, health departments across the country recorded leaps in cases of infection with the Corona virus, at a time when the country is dealing with the reopening of the economy, while public health experts fear a second wave of infection with the virus.