Dow Jones deepens losses, closes over 500 points lower

US stock indices fell on Wednesday, to extend losses due to huge sell-off in the tech sector, and lingering uncertainty about the coronavirus crisis and its economic impact.

Federal Reserve Chairman Jerome Powell said that the Congress should provide extra fiscal funding to firms most hit by the coronavirus impact.

A member of the US Federal Reserve also stated that economic situation is far worse than how it appears in data readings.

White House Health Advisor Anthony Fauci predicted that the US would have an effective and safe Covid-19 vaccine by next November or December.

Data showed today the US services PMI fell to 54.6 points in September, but came slightly higher than forecasts of 54.5, while the manufacturing PMI rose to 53.5 points in September vs. 53.1 in August.

To the oil market, WTI October futures at Nymex rose 0.3% to close at $39.93 a barrel, after hitting a high of $40.7 and a low of $39.2.

Brent November futures rose 0.1% to $41.77 a barrel, with a high of $42.6 and a low of $41.2.     

As for stocks, Dow Jones fell 1.9% or 525 points to close at 26,763, after it hit a day high 27,464 and a low 26,716.

Nasdaq lost 3% or 330 points to 10,633, after it hit a high 10,962 and a low 10,613.

S&P 500 fell 2.4% or 78 points to 3,237, after it hit a high 3,323 and a low 3,232.