Stock market news live updates: Stocks fall after Powell warns of ‘lasting damage’ due to coronavirus

Stocks fell Wednesday, with declines in the three major indices accelerating into the last hour of trading, as traders digested commentary from Federal Reserve Chair Jerome Powell. In his comments, Powell undercut hopes of a quick V-shaped recovery for the U.S. economy amid the coronavirus pandemic, saying that a deep, long downturn could “leave behind lasting damage” to economic productivity. “The recovery may take some time to gather momentum,…