Wall Street swings lower in volatile trade on dour Fed forecasts

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 per cent decline in gross domestic product this year.

The Dow Jones Industrial Average fell 282.31 points, or 1.04 per cent, to 26,989.99, the S&P 500 lost 17.04 points, or 0.53 per cent, to 3,190.14 and the Nasdaq Composite added 66.59 points, or 0.67 per cent, to 10,020.35. The S&P 500 was off as much as 0.8 per cent before the Fed statement.The ASX is poised to head lower, with futures at 6.30am AEST pointing to a drop of 75 points, or 1.2 per cent, at the open. On Wednesday, the ASX added 0.1 per cent.

"The projections for GDP and for unemployment are that it's going to improve slowly from here, but it still takes a while to get back," said Tom Martin, senior portfolio manager at Globalt in Atlanta. The Fed's pledge to keep monetary policy loose until the US economy is back on track repeats a promise made early in the central bank's response to the coronavirus pandemic. "I noticed a material downward move in the banks as talked about yield curve control. That is not something the banks want to see. What it does is it keeps rates down," said Quincy Krosby, chief market strategist at Prudential Financial in Newark, New Jersey.

Oh goody Joe Biden gonna win Joe Biden gonna win 🤪💊🤪

..says with glee....

Dour? Didn’t they say they will forever support stocks because the entire system will collapse if they don’t? Sounds pretty bullish to me......

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