Here's what happened to the stock market on Wednesday

Sarah Bloom Raskin on Fed leaving rates unchanged

Dow Jones Industrial Average falls 282 points and Nasdaq closes above 10,000

The Dow slid 282.31 points, or 1.04%, to close at 26,989.99. The S&P 500 dipped 0.53% to 3,190.14. The Nasdaq Composite outperformed, rising 0.67% to post a record closing high of  10,020.35. Traders continued to rotate out of stocks benefiting from the economic reopening and into mega-cap tech shares.

Market rotation continues

American, Delta and JetBlue all fell more than 7%. Bank shares such as JPMorgan Chase, Citigroup and Wells Fargo dropped 4.05%, 6.12% and 8.95%, respectively. This rotation led the Dow and S&P 500 to close lower for a second straight day and added to the Nasdaq's already strong gains. "A large shift is occurring as investors cycle out of value/cyclical stocks for a second day and pour money into growth," said one trader. "Keep in mind: investors never left growth/momentum. There was a brief flirtation w/cyclical-value over the last couple of weeks, but this was just rental positions held by tourists (growth is still home base for the majority of people in this market)."

Fed keeps rates unchanged

The Fed kept rates near zero on Wednesday, adding it expects them to stay there through 2022. In a statement, the Fed said  it "expects to maintain this target range until it is confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals."

What happens next?

Weekly jobless claims numbers are set for release on Thursday.

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