Dow extends losses, Nasdaq closes above 10,000 for first time
US stocks ended mixed as Wall Street digested the Federal Reserve’s latest statement on interest rates.
On Wednesday, the Dow Jones Industrial Average fell 282.31 points, or 1.04 per cent, to 26,989.99, following a 300-point drop in the prior session. The S&P 500 was down 17.04 points, or 0.53 per cent, to 3,190.14, Xinhua news agency reported.
The Nasdaq Composite, however, rallied to a fresh record, closing above the 10,000 mark for the first time, boosted by strong gains in tech shares. The index rose 0.67 per cent to end at 10,020.35.
Ten of the 11 primary S&P 500 sectors finished lower, with energy down 4.17 per cent, leading the decliners. Technology was up 1.11 per cent, the only gainer among the groups.
The US Federal Reserve on Wednesday kept its benchmark interest rate unchanged at the record-low level of near zero amid mounting fallout from the COVID-19-induced recession, and projected interest rates to remain at the current level through at least 2022.
Investors also assessed economy reopening as COVID-19 cases continue to climb in the United States.
As of Wednesday afternoon, nearly 2 million confirmed cases have been reported in the United States, with over 112,600 deaths, according to the Center for Systems Science and Engineering at Johns Hopkins University.