(Reuters) – The Dow and S&P 500 ended a choppy session lower on 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.
FILE PHOTO: Traders work inside posts, on the first day of in-person trading since the closure during the coronavirus disease (COVID-19) outbreak on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS/Brendan McDermid
The Nasdaq, helped by gains in Microsoft (MSFT.O) and Apple (AAPL.O), managed to hold onto a good chunk of its gains and registered a closing record high for a third straight session.
In its latest policy statement, the Fed also forecast a 9.3% unemployment rate at year’s end, and officials saw the key overnight interest rate, or federal funds rate, remaining near zero through at least 2022.
The S&P 500 and Dow both moved between gains and losses after the statement, which included the Fed’s first projections on the economy since the coronavirus outbreak, and follow