Nasdaq surpasses 10,000; others dip

Delta drops 7.4% on second-quarter revenue warnings.

Stocks closed a choppy day on Wall Street with broad losses Wednesday, despite fresh assurances from the Federal Reserve it would keep interest rates low through 2022 and would continue buying bonds to help markets function smoothly.

Airlines were among the big decliners Wednesday after Delta Air Lines warned in a regulatory filing that it expects its revenue in the second quarter to be down 90% from a year earlier. Delta fell 7.4%, American Airlines dropped 8.2% and Alaska Air Group lost 10%.

The S&P 500 fell 0.5%, extending losses from a day earlier. Most sectors finished lower, but a surge in technology sector stocks helped push the Nasdaq to a 0.7% gain and above 10,000 for the first time. The Dow Jones industrial average fell 1%. Small company stocks bore the brunt of the selling. The Russell 2000 index of small-company stocks lost 2.6%.

The combination of low interest rates and low inflation has been a key driver for gains in big technology companies that can grow almost regardless of the economy.

More recently, investors have begun piling into companies that would benefit most from a reopening economy that’s growing again.

Shares in electric car and solar panel maker Tesla closed above $1,000 for the first time, climbing 9% to $1,025.05. The stock also closed at a new high on Monday. Tesla shares have more than doubled this year.

The yield on the 10-year Treasury yield slid to 0.72% from 0.82% late Tuesday.

Benchmark U.S. crude oil for July delivery rose 1.7% to settle at $39.60 a barrel.