S&P 500, Dow retreat ahead of Fed outlook; Nasdaq hits new high

REUTERS: The S&P 500 and Dow slipped on Wednesday, as losses in financial stocks outweighed a boost from technology, with focus shifting to the Federal Reserve's first projections on the economy since the coronavirus outbreak.

A surge of more than 45per cent in the three main U.S. stock indexes, since falling sharply in March, has been underpinned by unprecedented monetary and fiscal stimulus measures and resulting hopes of an economic rebound.Any hint that the Fed could rein in stimulus could derail the stock market's recovery in the past month.

At 11:20 a.m. ET, the Dow Jones Industrial Average was down 194.34 points, or 0.71per cent, at 27,077.96, the S&P 500 was down 9.85 points, or 0.31per cent, at 3,197.33. The Nasdaq Composite was up 53.73 points, or 0.54per cent, at 10,007.48. The S&P 1500 airlines index slumped 7.1per cent as J.P.Morgan analysts said the current pace of rise in U.S. airline stocks cannot be maintained for much longer.

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