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US STOCKS-S&P 500 turns positive as Fed pledges support

Published 10/06/2020, 19:28
Updated 10/06/2020, 19:30
© Reuters.
US500
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DJI
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IXIC
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SPLRCT
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* Dow up 0.2%, S&P up 0.5%, Nasdaq up 1.3%

(Updates to after Fed statement)
By Caroline Valetkevitch
June 10 (Reuters) - The S&P 500 turned positive on Wednesday
after the Federal Reserve repeated its promise of support for
the economy.
But Fed policymakers, in the latest policy statement,
projected a 6.5% decline in gross domestic product this year and
a 9.3% unemployment rate at year's end. The S&P 500 was off as much as 0.8% before the Fed
statement.
"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.
The 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.
Gains were led by the technology sector .SPLRCT , and the
Nasdaq was up more than 1%.
The Dow Jones Industrial Average .DJI rose 62.33 points,
or 0.23%, to 27,334.63, the S&P 500 .SPX gained 14.7 points,
or 0.46%, to 3,221.88 and the Nasdaq Composite .IXIC added
127.12 points, or 1.28%, to 10,080.87.

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