Dow books 280 points loss, Nasdaq closes above 10,000 after Fed policy update

Dow books 280 points loss, Nasdaq closes above 10,000 after Fed policy update

Stocks finished mostly lower on Wednesday even as the Federal Reserve signaled it would keep interest rates at zero for several years. The bearish trading action, however, didn’t stop the Nasdaq from booking another record close. The S&P 500 fell 0.5% to 3,190. The Dow Jones Industrial Average shed 282 points, or 1%, to end around 26,990, based on preliminary numbers. The Nasdaq Composite rose 0.7% to 10,020, closing above the 10,000 mark for the first time. The Nasdaq also set a new intraday record earlier in the day. The central bank’s interest-rate projections showed members of its policy-setting committee expected rates to stay at zero until 2022. The Fed also said it would keep asset purchases at least at current levels and that it had discussed the idea of capping yields for certain bond maturities, otherwise known as yield-curve control

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