Why Exxon Mobil, Harley-Davidson, and General Electric Stocks All Fell 5% Just Now
You've got to hand it to Federal Reserve Chairman Jerome Powell -- this guy really knows how to spook a stock market.
On Wednesday, the Fed chair warned investors, who have been hoping -- planning even -- on a V-shaped recovery from the recession just as soon as the COVID-19 shutdown is over, that they may have to wait a bit longer for things to improve. "Recovery may take some time to gather momentum," warned Powell, and while that's happening, "the passage of time can turn liquidity problems into solvency problems."
The result: ExxonMobil (NYSE: XOM) shares down are 4.7%. Harley-Davidson (NYSE: HOG) stock is off 5%. General Electric (NYSE: GE) stock is down 6.1%.
Source Fool.com
