14.05.2020 Nasdaq Daily Analysis

14.05.2020 Nasdaq Daily Analysis

Federal Reserve Chairman Jerome Powell warned on Wednesday of extended economic weakness due to the coronavirus pandemic and called for Congress to agree on additional financial support and since then Wall Street's three major indexes closed lower on the second day. Powell pledged in a webcast that the U.S. central bank's power should use their power to help, he even suggested that it might not be enough to avoid deep economic damage without more fiscal support. "He's saying if you want to avoid a slow recovery and long-term economic damage you need a strong fiscal response, effectively placing that responsibility back over to governments instead of central banks," said Shawn Cruz, manager of the trader strategy at TD Ameritrade (NASDAQ:AMTD) in Jersey City, New Jersey. Nasdaq Inc (NDAQ) is going down by 139.38%, or by $109.24, trading at $8,863.17.