Nasdaq extends record run into third day, breaches 10,000 for first time

Dow Jones and S&P 500 closed lower on Wednesday, while Nasdaq turned higher to close at a new record high, and broke above the 10,000 level for the first time ever.

The US Federal Reserve kept the interest rate unchanged near zero, and ruled out any rate hikes before 2022 until the economy recover and return to its growth path.

The Fed projected the US GDP to shrink 6.5% in 2020, and estimated the unemployment rate to reach 9.3% this year, but will drop to 6.5%  in 202 and to 5.5% in 2022.

Fed chief Jerome Powell stressed that there is great uncertainty about the future amid the coronavirus crisis, despite the strong US monthly jobs report for May.

The US consumer price index for May shrank by 0.1%, for the third straight month after slumping to the lowest level since the 2008 financial crisis in April by -0.8%. 

To the oil market, West Texas Intermediate crude rose 1.7% to close at $39.60 a barrel, after it hit an intraday high of $39.65 and a low of $37.7.

Brent rose 1.3% to $41.73 a barrel, with a high of $41.2 and a low of $40.1.

As for stocks, Dow Jones fell 1% or 282 points to close at 26,990, with a day high of 27,353 and a low of 26,938.

S&P 500 slipped 0.5% or 17 points to 3,190, with today high at 3,223 with a low of 3,181.

Nasdaq rose 0.6% or 66 points to 10,020, after hitting a high of 10,086 and a low of 9,962.