SAN JUAN – The U.S. stock market closed lower Wednesday, failing to build on the record highs.
Investors are reacting negatively to the Federal Reserve Bank Open Market Committee minutes, which emphasized that, in its view, the road to economic recovery is now becoming quite a "steep hill to climb."
Without any additional fiscal stimulus support from Congress, new programs from the Fed and coronavirus cases rising, the challenges may become significant. The Fed, however, indicated its commitment to maintaining interest rates at zero.
During intraday trading, Apple Inc. (AAPL) hit the $ 2 trillion market capitalization in only 24 months after becoming the world’s first trillion-dollar company. Apple shares rose $ 1.55, to $ 463.80. CEO Tim Cook himself, became a billionaire Apple as shares increased more than 50% over the year. For CEOs who are not company founders, it is almost unheard of that they become a billionaire.
On to markets.
- The Dow Jones Industrial Average closed at 27,692.88, down 85.19 points, or 0.31%.
- The Standard & Poor's 500 Index closed at 3,374.85, down 14.93 points, or 0.44%.
- The NASDAQ Composite Index closed at 11,146.46, down 64.38 points, or 0.57%.
- The Birling Capital Puerto Rico Stock Index closed at 1,535.70, up 29.89 points, or 1.99%.
- The US Treasury 10-year note closed higher, at 0.68%.
- The U.S. Treasury 2-year note closed flat, at 0.14%.