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Jerome Powell and Treasury Secretary Janet Yellen will tell Congress the economy is recovering but that more needs to be done to get to pre-pandemic levels
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Meanwhile, the unemployment rate dipped to 6.2% last month as the winter wave of coronavirus infections eased.
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Stocks surged after Pfizer said its experimental vaccine was more than 90% effective and after former Vice President Joe Biden was elected president.
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Stocks reversed Tuesday's losses amid word that the Trump administration was considering stand-alone bills to aid airlines and small businesses. The president had called off talks on a relief bill.
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The Dow falls more than 500 points as a report says large global banks were involved in transactions flagged as possible money laundering and hopes dim for Congress to pass another relief measure.
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The Dow and other stock indexes plunged as cases surged in several states and the Federal Reserve warned that the pandemic "will weigh heavily on economic activity."
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Traders are wearing masks and must undergo a health screening before entering the New York Stock Exchange, which shifted to electronic trading in March because of COVID-19.