Saturday, Jul 30, 2016
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Stock Market

Stocks edge lower after a two-day plunge

Drop caused by anxiety over looming end of Fed stimulus

NEW YORK -- The stock market is edging lower in midday trading as investors regroup following the biggest drop of the year.

The Dow Jones industrial average slipped 42 points, or 0.3 percent, to 14,708 as of noon today.

The Dow plunged 560 points Wednesday and Thursday after the Federal Reserve said it could wind down its bond-buying program by the middle of next year if the economy continues to improve.

The Standard & Poor’s 500 index fell eight points, or 0.5 percent, to 1,580 points. Technology stocks fell the most in the index after Oracle reported disappointing results late Thursday.

The Nasdaq composite index fell 35 points, or 1 percent, to 3,329.

The yield on the 10-year Treasury note rose to 2.50 percent from 2.42 percent.

Gold edged higher.

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