The Nasdaq Composite closed above 10,000 on the rising strength of big tech stocks.
 | WED, JUN 10, 2020 | | | | DOW | | NAME | LAST | CHG | %CHG | | BA | 203.41 | -13.33 | -6.15% | | MSFT | 196.84 | +7.04 | +3.71% | | AAPL | 352.84 | +8.85 | +2.57% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | AAL | 17.02 | -1.53 | -8.25% | | F | 6.81 | -0.43 | -5.94% | | NCLH | 20.65 | -3.48 | -14.42% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AAL | 17.02 | -1.53 | -8.25% | | UAL | 39.72 | -4.92 | -11.02% | | AMD | 57.44 | +1.05 | +1.86% | |
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Economic activity will shrink 6.5% in 2020, but will bounce back 5% next year, according to the latest projections from the Federal Reserve. Fed Chairman Jerome Powell on Wednesday forecast gradual improvements for the economy and employment through 2022 as the recovery from the Covid-19 pandemic continues. He said the central bank would likely hold interest rates near zero for two years.  Stocks seesawed as Powell spoke, and ended the day with mixed results. But the tech-heavy Nasdaq Composite closed above 10,000 for the first time ever. The market's stunning recovery is largely attributed to the staggering amount of liquidity the Fed has put into the market. Perhaps investors have come to expect it. Powell's pledge to keep liquidity flowing failed to stir the bulls on the broader market. "We're not even thinking about thinking about raising rates," the Fed chairman said. "What we're thinking about is providing support for the economy. We think this is going to take some time." Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world. |
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