On Thursday Wall Street stocks opened lower following mixed US economic data as investors digested the Fed Reserve’s latest cautious economic forecast. About thirty minutes into trading, the Dow Jones Industrial Average was down 0.8 percent at 27,813.43.
The broad-based S&P 500 shed 1.0 percent to 3,351.49, while the tech-rich Nasdaq Composite Index dropped 1.3 percent to 10,906.74. New claims for US jobless benefits continued inching down last week to 860,000, still an historically high level.
US homebuilding projects started in August slowed after their massive jump in July, with half the country posting double-digit declines while the other half saw big increases, according to government data.
Investors also focused on the Fed’s decision Wednesday, and forecasts that signal they expect interest rates to remain at zero through the end of 2023. Fed Chair Jerome Powell cited an uncertain economic and reiterated the central bank’s new policy shift to allow somewhat higher inflation as it emphasizes the need for full employment.