Dow ends 282 points lower, but Nasdaq logs 3rd straight record and first finish at 10,000 as Fed signals zero rates through 2022

MW Dow ends 282 points lower, but Nasdaq logs 3rd straight record and first finish at 10,000 as Fed signals zero rates through 2022

U.S. stock benchmarks closed mostly lower Wednesday, but large-capitalization companies saw powerful gains, after the Federal Reserve projected no interest-rate increases through 2022 and pledged to use its full array of tools to help the economy and financial markets contend with the COVID-19 pandemic. The Dow Jones Industrial Average finished off 282 points, or 1%, at around 26,990, while the S&P 500 index closed down 0.5% lower at about 3,190. Meanwhile, the Nasdaq Composite Index closed up 0.7% at around 10,020, while an index of the largest 100 companies in the Nasdaq, the Nasdaq-100 , ended up 1.3% at 10,094. The finish for the Nasdaq Composite was its first above 10,000 in history. Both Nasdaq gauges closed at record heights. Those technology-laden benchmarks have been propelled higher by gains in Tesla Inc. $(TSLA)$, Microsoft Corp. $(MSFT)$, Apple Inc. $(AAPL)$, as well as chipmaker Nvidia Corp. $(NVDA)$, which helped to boost exchange-traded funds, the iShares PHLX Semiconductor ETF $(SOXX)$ and the VanEck Vectors Semiconductor ETF. Meanwhile, shares of Hertz Global Holdings Inc. $(HTZ)$, closed down nearly 40%, after the bankrupt car-rental company revealed that it received a delisting notice from the New York Stock Exchange. The company's shares have been one of the beneficiaries of optimism surrounding reopenings from COVID-19 lockdowns, but its surge higher also has underscored the exuberance in equities despite an economy that is in the throes of a deep recession.

-Mark DeCambre; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

June 10, 2020 16:09 ET (20:09 GMT)

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