Wall Street is off to a mixed start ahead of Fed statement

U.S. stock indexes were mixed in early trading Wednesday ahead of an afternoon interest rate and economic policy update from the Federal Reserve.

Taubman Centers plunged 25% on news that rival Simon Property Group has walked away from an agreement to buy the mall owner. Simon Property Group fell 8%.The Dow Jones industrial average dropped 156 points, or 0.6%, to 27,130. The Nasdaq composite was up 0.7%. The tech-heavy index has climbed to an all-time high two days in a row.

At their last meeting in late April, Fed policymakers decided to keep the central bank’s benchmark interest rate near zero for the foreseeable future. The Fed also pledged to use its “full range of tools” to continue supporting the U.S. economy through the economic fallout from the coronavirus pandemic.Fed Chair Jerome Powell is expected to say in a news conference that the U.S.

Skeptics have been saying for weeks that Wall Street’s huge rally, which reached 44.5% between late March and Monday, may have been overdone, given uncertainties over how quickly economies can recover from the pandemic when the numbers of infections and fatalities are still rising in many countries.Apart from unabated numbers of infections in some U.S.

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