Nasdaq Drops 100; Dow Sinks 150
NEW YORK (AP) _ Stock prices are sharply lower this morning with the Nasdaq Composite Index down more than 100 and the Dow Jones industrial average off more than 150.
Losing issues on the New York Stock Exchange hold a 2-1 lead over gainers.
The Standard-and-Poor’s 500 Stock Index is down 21 points.
Equities investors have been dumping their holdings in the wake of yesterday’s Federal Reserve meeting.
Stocks sold off yesterday after the Fed decided not to lower interest rates, even though it indicated it might do so in the future.
But there had been growing optimism for a rate cut ahead of the meeting. Hence, selling in the absence of one.
Overseas markets are sharply lower across Europe, after losses in Asian trading.
On the flip side, investors are making a huge flight to quality, heading to the Treasury market where bond yields have dipped to 20-month lows.