Stocks close mostly lower, even as Nasdaq tops 10,000 points

Still, uncertainty remains over how quickly economies can recover from the pandemic, given that the numbers of infections and fatalities are still rising in many countries.

But in remarks during a virtual news conference Wednesday, Fed Chair Jerome Powell said the May jobs data, while encouraging, was hardly enough to ensure that the job market or the economy is back on track. Two of the nation’s biggest mall owners fell sharply after Simon Property Group backed out of its $3.6 billion takeover of rival Taubman Centers. The buyout deal was signed in February, just before the pandemic began to spread in the U.S. Simon Property slid 4%, while Taubman plunged 20.1%.

In other words, the Fed doesn't see an economic recovery through 2022.

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