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US STOCKS-S&P 500 slips in volatile trade following Fed

Published 10/06/2020, 19:54
Updated 10/06/2020, 20:00
© Reuters.
US500
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DJI
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IXIC
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SPLRCT
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* Indexes: Dow down 0.4%, S&P 500 down 0.1%, Nasdaq up 1%

(Updates to late afternoon)
By Caroline Valetkevitch
June 10 (Reuters) - The S&P 500 was down slightly in choppy
trading on Wednesday after the Federal Reserve repeated its
promise of support for the economy but projected a 6.5% decline
in gross domestic product this year.
In its latest policy statement, the Fed also projected a
9.3% unemployment rate at year's end. The S&P 500 and Dow both moved between gains and losses as
investors absorbed the news, which included the Fed's first
projections on the economy since the coronavirus outbreak.
"Heading into this meeting we didn't expect any policy
changes. The Fed is committed to keeping current easing measures
in place and it acknowledged that risks remain," said
Charlie Ripley, senior market strategist for Allianz Investment
Management in Minneapolis.
Gains were led by the technology sector .SPLRCT , and the
Nasdaq remained up about 1%.
The Dow Jones Industrial Average .DJI fell 106.15 points,
or 0.39%, to 27,166.15, the S&P 500 .SPX lost 1.46 points, or
0.05%, to 3,205.72 and the Nasdaq Composite .IXIC added 95.20
points, or 0.96%, to 10,048.95.
The S&P 500 was off as much as 0.8% before the Fed statement.
The Fed's pledge to keep monetary policy loose until the U.S.
economy is back on track repeats a promise made early in the
central bank's response to the coronavirus pandemic.

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