Lucy Bayly

Wall Street took a dive Tuesday, with the Dow Jones Industrial Average falling by more than 600 points after Federal Reserve Chairman Jerome Powell said he was

Initial weekly jobless claims dropped to 199,000 last week, hitting the lowest level since 1969 and roundly beating economists' expectations of 260,000.

"A big drop in unemployment claims is the strongest evidence yet that the Covid-19 delta wave has lost its influence on layoffs," said one economist.

Hasbro CEO Brian Goldner has died, the toymaker announced Tuesday, just two days after Goldner stepped down to take medical leave.

"Brian’s work brought joy and laughter to children and families around the world," a company statement read.

China property giant Evergrande, which is $300 billion in debt and dangerously close to collapse, is having an impact on markets worldwide.

"We have tools to combat the virus ... if we can come together as a country to use those tools," Biden said.

The Federal Reserve extended its support for the economy as Covid infection rates surge and vaccination rates stall out.

In the airline's 50-year history, it has never had a single layoff or furlough — even during the coronavirus pandemic.

The Fed drastically raised its forecast for inflation and shifted up the timeline for a rate hike.

"The mood has changed. The economy has healed as a rising share of the U.S. population has been vaccinated," said one economist.