Stocks slide after Fed cuts stimulus; Weak earnings, emerging market woes also weigh
NEW YORK, N.Y. - Stocks are sharply lower following weak earnings from several U.S. companies, more trouble in emerging markets and economic stimulus cuts from the Federal Reserve.
The Standard & Poor's 500 index fell 18 points, or 1 per cent, to close at 1,774 Wednesday. The S&P 500 has ended lower on four of the last five days.
The Dow Jones industrial average lost 189 points, or 1.2 per cent, to 15,738. The Nasdaq composite dropped 46 points, or 1.1 per cent, to 4,051.
The stock market opened lower after companies including Boeing and AT&T gave weak earnings outlooks and investors worried about plunging currencies in developing countries like Turkey and South Africa.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.69 per cent from 2.75 per cent late Tuesday.
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