Mumbai, March 21 -- The Nasdaq fell 59.16 points (0.3%) to 17,691.63 and the S&P 500 dipped 12.40 points (0.2%) to 5,662.89 while the narrower Dow posted an even more modest loss, edging down 11.31 points or less than a tenth of a percent to 41,953.32.

Wall Street closed modestly lower amid concerns about the economic outlook following the Federal Reserve's decision to keep interest rates unchanged. While officials still anticipate rate cuts later this year, they lowered their 2025 GDP growth forecast to 1.7% from 2.1% and raised this year's inflation projection to 2.7% from 2.5%. Fed Chair Jerome Powell attributed a "good part" of the higher inflation forecast to tariffs.

NAR said existing home sales surged by 4.2% to an annual rate of...