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Here's what happened to the stock market on Wednesday

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Traders continued to rotate out of stocks benefiting from the economic reopening and into mega-cap tech shares.

dropped 4.05%, 6.12% and 8.95%, respectively. This rotation led the Dow and S&P 500 to close lower for a second straight day and added to the Nasdaq's already strong gains. "A large shift is occurring as investors cycle out of value/cyclical stocks for a second day and pour money into growth," said one trader. "Keep in mind: investors never left growth/momentum.

There was a brief flirtation w/cyclical-value over the last couple of weeks, but this was just rental positions held by tourists ."The Fed kept rates near zero on Wednesday, adding it expects them to stay there through 2022. In a statement, the Fed said it "expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.

 

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