Stocks rebounded before falling again while the Nasdaq set another record high and broke 10,000 for the first time ever following the Federal Reserve’s vote to keep rates near zero and a statement saying they will remain there until at least 2022, plus more in today’s Closing Bell on Money & Markets.

Volatility Follows Fed Meeting

The Dow Jones Industrial Average and benchmark S&P 500 rebounded for a bit before crashing down again late. Along with the interest rate decision, U.S. central bankers said they project the economy will shrink 6.5% this year amid the coronavirus pandemic and ensuing lockdown, which halted most business activity.

The Fed also said it expects the GDP to grow by 5% in 2021, followed by a 3.5% gain in 2022, and said unemployment should fall to about 9.3% by the end of the year.

“Heading into this meeting we didn’t expect any policy changes. The Fed is committed to keeping current easing measures in place and it acknowledged that risks remain,” said Charlie Ripley, senior market strategist for Allianz Investment Management in Minneapolis.

Meanwhile, the Nasdaq, fresh off a new closing record high of 9,924 rose again to close above 10,000 for the first time ever. Market darling Tesla Inc. (Nasdaq: TSLA) led the charge, setting another record of its own.

Stock Market Update: Closing Bell*

S&P 500: 3,190 (-0.53%)
DOW: 26,989 (-1.04%)
NASDAQ: 10,020 (+0.67%)
RUSSELL: 1,471 (-2.34%)
GOLD: $1,746.60 (+1.43%)
BITCOIN: $9,883.53 (+1.28%)
U.S. 10-YEAR YIELD: 0.0728% (-0.101)

*- as of 4:05 p.m.

A Big Win

In this morning’s Opening Bell, we said to watch Red Robin Gourmet Burgers Inc. (Nasdaq: RRGB) after the restaurant chain reported a loss of $6.66 per share in the last quarter. The company also missed expectations in both earnings and revenue. Shares of Red Robin fell 13.9%.

Despite missing expectations for revenue and earnings — as well as slumping in premarket trading — shares of GameStop Corp. (NYSE: GME) jumped nearly 8% in afternoon trading before closing 2.4% higher.

Finally, we told you about AMC Entertainment Holdings Inc. (NYSE: AMC). The movie theater chain announced it was planning to reopen theaters in the U.S. in July. Shares of AMC Entertainment settled up 5.5% after an incredibly volatile day of trading.

Golden Nuggets

Gold prices hit a one-week high after the Fed’s pledge to continue supporting the economy as it recovers from coronavirus lockdowns.

Spot gold rose 1.4% to $1,738.10 per ounce. The price rose more than 1% in the last session as well.

Goldman Sachs (NYSE: GS) expects gold to reach $1,800 per ounce on a 12-month basis and the tail risk of above-target inflation as a potential driver for prices to climb beyond $2,000.

Gold futures shot up 1.5% to $1,747.60. Silver futures soared 3.1% to trade at $18.35 an ounce. Platinum fell 0.2% to $859.20 and palladium dropped 0.7% to trade at $1,952.90 an ounce.

Cannabis Corner

In a joint statement this week, the two ruling parties of Israel announced they would advance legislation to legalize marijuana in the country.

The legislation will allow cannabis purchases, possession and use for anyone 21 and older. Cannabis will be sold in designated shops and there will be restrictions on advertising products.

Security workers would be prohibited from using cannabis products under the new law.

Boeing Expects 737 Max Certification Flight by End of June

The airplane manufacturer said the recertification flight of its downed 737 Max aircraft could be more than one flight and last over the course of a couple of days.

Boeing Co. (NYSE: BA) officials said they plan to draw up a flight plan to demonstrate the updated flight control software allows the aircraft to safely operate in different conditions, according to CNBC.

The company resumed production of the 737 Max in May although the plane has been grounded since March 2019 when two fatal crashes called the safety of the aircraft into question.

Today’s Big Winners

(as of 3:45 p.m. EDT)

S&P 500: Aptiv PLC (NYSE: APTV) +8.6%

Nasdaq: Tesla Inc. (Nasdaq: TSLA) +9%

Dow: Microsoft Corp. (Nasdaq: MSFT) +3.7%

Today’s Big Losers

S&P 500: Norwegian Cruise Lines (NYSE: NCLH) -14.4%

Nasdaq: United Airlines (Nasdaq: UAL) -11%

Dow: Boeing Co. (NYSE: BA) -6.1%

Check back for the most important news and numbers each day after the Closing Bell, only on Money & Markets.