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S&P 500 ends lower after Fed statement

Video Credit: Reuters Studio
Published on June 10, 2020 - Duration: 01:33s

S&P 500 ends lower after Fed statement

The Dow and S&P 500 ended a choppy session lower Wednesday after the Federal Reserve reassured investors of its support for the economy but projected a 6.5% decline in gross domestic product this year.

Fred Katayama reports.

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S&P 500 ends lower after Fed statement

The Nasdaq continued its relentless climb to hit another record high, but the Dow and S&P 500 finished lower in a choppy session Wednesday.

While the Federal Reserve reassured investors that it'll provide more support to the economy and keep rates low, it also forecast a 6.5% drop in economic growth this year and unemployment at a 9.3% rate.

The Dow shed 1%, the S&P fell a half percent, but the Nasdaq closed above 10,000, adding two-thirds percent.

Gerber Kawasaki CEO Ross Gerber praised Fed Chair Jerome Powell's moves but fears speculation.

"With him saying he's not going to raise rates like ever again, like I'm concerned about the speculation that I'm already seeing and what that's going to be in the next six months." Airline stocks United, Delta, and American descended.

J.P.

Morgan said shares of U.S. carriers won't be able to sustain their upward price momentum for much longer.

Investors didn't second-guess Guess's results.

The apparel retailer's shares got slammed after it reported that store closures and lower demand had pushed quarterly revenue down by more than half.

That was way more than Wall Street had expected.

AMC shares popped after the theater chain said it'll soon be time to pass the popcorn.

It expects to reopen its movie theaters worldwide in July.

Class="kln">Tesla shares topped the $1,000 mark after CEO Elon Musk said it's time to ramp up production of its Semi commercial truck.

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