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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