NEW YORK: The Dow fell on Wednesday as worries about the economic impact of the Covid-19 pandemic offset optimism over a stimulus package, with investors awaiting the Federal Reserve’s outlook on the US economy later in the day.

Flows into heavyweight technology stocks supported the S&P 500 and pushed the Nasdaq to a record high, as the sector’s resilience through the virus outbreak spurred continued buying.

The S&P 500 airlines index fell 1.8% after J.P. Morgan issued multiple downgrades in the sector, citing valuations.

Southwest Airlines Co fell 1.7% after flagging a higher cash burn in the fourth quarter, as well as increased trip cancellations in December.

At 12:12 p.m. ET, the Dow Jones Industrial Average was down 46.79 points, or 0.15%, at 30,152.52, the S&P 500 was up 6.61 points, or 0.18%, at 3,701.23. The Nasdaq Composite was up 49.22 points, or 0.39%, at 12,644.28.

Twitter Inc rose 3.2% after J.P. Morgan upgraded the stock to “overweight”.—Reuters