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Dow slides 282 points, Nasdaq closes at record as investors digest the Fed's latest economic guidance

Dow slides 282 points, Nasdaq closes at record as investors digest the Fed's latest economic guidance
Johannes Eisele/AFP/Getty Images



US stocks closed mixed on Wednesday after Federal Reserve Chair Jerome Powell provided guidance around the central bank's economic outlook.




The tech-heavy Nasdaq closed at a record for a second straight day, while the S&P 500 and Dow Jones industrial finished lower.




Powell said the pandemic could result in permanent economic damage, but also signaled further stimulus efforts.




The Fed expects to keep interest rates near zero through 2022, according to Powell.




Read more on Business Insider.




US stocks closed mixed on Wednesday after Federal Reserve Chair Jerome Powell provided guidance around the central bank's economic outlook.
Powell said the pandemic could result in permanent economic damage, but also signaled further stimulus efforts. The Fed expects to keep interest rates near zero through 2022 and maintain its recent pace of bond-buying.
"What is surprising is that on the heels of some V-shape recovery indicators, the Fed sees structural fragility in the US economy," said Mike Loewengart, managing director of investment strategy at E-trade. "Powell has made it clear that he will continue to rely on his full range of tools to keep the US economy healthy as jobs and inflation continue to come under historic pressure.
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