A pedestrian passes by the New York Stock Exchange ,NYSE, in New York, the United States, March 17, 2020.
Michael Nagle | Xinhua News Agency | Getty Images
Dow Jones Industrial Average falls 390 points
Mnuchin, Powell testify
Investors turned their attention to Washington as Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee. Mnuchin said the government is “fully prepared to take losses” on coronavirus business bailouts. Powell noted “this is the biggest response by Congress ever and the fastest and biggest from us,” referring to the Fed’s and Congress’ efforts to stimulate the economy during the pandemic.
Walmart and Home Depot fall
Walmart shares led the Dow lower with a 2.12% loss. The retail giant’s stock had traded higher earlier in the session before closing lower. Home Depot slid 2.95%.
What happens next?
Fed minutes are set for release Wednesday along with mortgage applications data.
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Wall Street took a breather on Tuesday following a massive rally in the previous session.