Stocks Close at New 2014 Lows as Fed Tapers Again
Stocks fell Wednesday as major benchmark indexes hit new 2014 closing lows after the Federal Reserve announced plans to cut its monthly bond purchases by an additional $10 billion a month. The Dow Jones industrial average dropped 190 points, or 1.2%, to 15,738.79. The Dow already had slipped 125 points before the Fed’s announcement. The Standard & Poor’s 500 index dropped 18 points, or 1% to 1,774.20, while the Nasdaq composite fell 47 points, or 1.1% to 4,051.43. The market is in a corrective phase so far this year after rising 30% in 2013. Wall Street is feeling pressure from struggling emerging markets, with Turkey and South Africa moving to hike interest rates in an effort to shore up their weakening currencies.