The S&P 500 and the Nasdaq finished lower on Wednesday after touching intraday highs during the session and the Dow industrials marked the longest losing skid in more than two months, as investors processed moves for the broader market that have taken it to new heights despite the pandemic. Stocks added to modest declines on Wednesday after the Federal Reserve at 2 p.m. Eastern Time released its minutes from its July 28-29 policy meeting, which showed that the central bank lowered its estimate for economic growth over the second half of the year. Fed officials say that the trajectory of the recovery from depends on the path of the COVID-19 pandemic. "Participants generally agreed that prospects for further substantial improvement in the labor market would depend on a broad an sustained reopening of businesses. In turn, such a reopening would depend in large part on the efficiency of health measures to limit the spread of the virus," the minutes said. The Dow Jones Industrial Average (DOW:DJIA) closed off 0.3% at 27,692, matching its longest losing streak for the period ended June 19, according to FactSet data. The S&P 500 index (S&P:SPX) finished off 0.4% at 3,375, while the Nasdaq Composite Index (AMERICAN:COMP) closed off 0.6% at 11,146. All closing levels are on a preliminary basis. In corporate news, Apple Inc. (NAS:AAPL) briefly touched a market valuation exceeding $2 trillion dollars until pulling back. The move briefly made the iPhone maker the first company in the world to hit such a valuation. Apple shares finished up by about 0.1%. Separately, retailer Target Corp. (NYS:TGT) booked a nearly 13% return after it produced better-than-expected profit and revenue.
Aug. 19, 2020, 4:08 p.m. EDT