Stocks closed broadly lower on Wall Street for the second day in a row Wednesday, weighed down by worries about a slow recovery for the economy.

The weakness came after Federal Reserve Chair Jerome Powell warned about the threat of a prolonged recession because of the shutdowns related to the coronavirus pandemic.

Stocks that most need a healthy economy for their profits to grow, like energy companies and banks, took the biggest losses.

On Wednesday:

The S&P 500 fell 50.12 points, or 1.7%, to 2,820.

The Dow Jones Industrial Average dropped 516.81 points, or 2.2%, to 23,247.97.

The Nasdaq composite lost 139.38 points, or 1.5%, to 8,863.17.

The Russell 2000 index of small company stocks gave up 42.29 points, or 3.3%, to 1,233.25.

For the week:

The S&P 500 is down 109.80 points, or 3.7%.

The Dow is down 1,083.35 points, or 4.5%.

The Nasdaq is down 258.15 points, or 2.8%

The Russell 2000 is down 96.39 points, or 7.2%.

For the year:

The S&P 500 is down 410.78 points, or 12.7%.

The Dow is down 5,290.47 points, or 18.5%.

The Nasdaq is down 109.44 points, or 1.2%

The Russell 2000 is down 435.22 points, or 26.1%.