Dow Jones Sliding as Markets Prepare for Fed Chair Testimony Before Congress

The Dow Jones could take a dip today as investors await testimony from U.S. Federal Reserve Chair Jerome Powell before the House Financial Services Committee this afternoon. The testimony will center on the central bank and the Treasury Department’s response to COVID-19.

Investors are also watching bank stocks today. More on this below.

Here are the numbers from Monday for the Dow, S&P 500, and Nasdaq:

Index Previous Close Point Change Percentage Change Dow Jones 25,595.80 +580.25 +2.32 S&P 500 3,053.24 +44.19 +1.47 Nasdaq 9,874.15 +116.93 +1.20

Here are the most important market events and the stories that I’m following right now.

The Top Stock Market Stories for Tuesday

On Tuesday, investors will be paying close attention to bank stocks in the wake of the Federal Reserve’s recent stress tests. JPMorgan Chase & Co. (NYSE: JPM), Bank of America Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), and Goldman Sachs Group Inc. (NYSE: GS) will maintain their dividend levels. However, Wells Fargo & Co. (NYSE: WFC), which remains under scrutiny by regulators and the central bank, will slash its dividend payout. The nation’s banks will drop stock buybacks. However, dividends remain important barometers of bank health and investor interest. Wells Fargo has yet to announce an exact payout.

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Meanwhile, the World Health Organization – which once said no evidence existed that COVID-19 could spread between humans – now says that the worst is yet to come and that the virus is speeding up around

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