Worries of a Fed pullback sends US stocks lower
NEW YORK (AP) — Stock and bond prices are lower on Wall Street after the Federal Reserve said it could reduce its the support of the U.S. economy in “coming months” so long as the job market continues to improve.
The Fed’s economic stimulus has been a key driver of the stock market’s 25 percent surge this year, along with rising corporate profits and a recovering U.S. economy.
The Dow Jones industrial average fell 66 points, or 0.4 percent, to close at 15,900 points Wednesday.
The Standard & Poor’s 500 fell six points, or 0.4 percent, to 1,781. The Nasdaq lost 10 points, or 0.3 percent, to 3,921.
The yield on the 10-year Treasury note rose to 2.80 percent, its highest since Sept. 17.
Lowe’s fell 6 percent after its results missed analysts’ forecasts.