Stocks fluctuated in intraday trading on Tuesday after Federal Reserve Chairman Jerome Powell said in testimony before the House Financial Services Committee that a U.S. recovery from the coronavirus pandemic "continues to be highly uncertain."
“The path forward will depend on keeping the virus under control, and on policy actions taken at all levels of government,” Powell said Tuesday, adding that “both employment and overall economic activity ... remain well below their pre-pandemic levels, and the path ahead continues to be highly uncertain.”
Powell was joined by U.S. Treasury Secretary Steven Mnuchin, who told the congressional panel the White House has continued to work with Democrats on further U.S. stimulus.
“The president and I remain committed to providing support for American workers and businesses,” Mnuchin said. “I believe a targeted package is still needed, and the administration is ready to reach a bipartisan agreement.”
Powell said the U.S. economy "will recover fully from this difficult period" but more fiscal stimulus will be needed to prevent long-term damage from the coronavirus pandemic.
"Economic activity has picked up from its depressed second-quarter level, when much of the economy was shut down to stem the spread of the virus. Many economic indicators show marked improvement," Powell said.
So, how is Jim Cramer approaching the markets? Cramer said consider this your opportunity to whip out your stock shopping list.
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