Stocks fall as Fed sticks with wind-down plan
8/21/2013NEW YORK — Stock and bond prices are falling after the Federal Reserve indicated that it’s still on track to slow its bond purchases by the end of the year.
The stock market was already lower today after several retailers including Staples and American Eagle issued disappointing profit forecasts.
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The Dow Jones industrial average fell 75 points, or 0.5 percent, to 14,928 shortly after 2 p.m., when the Fed released minutes from its latest policy meeting. It was down 51 points just before.
The Standard & Poor’s 500 index and the Nasdaq composite also extended their declines.
The yield on the 10-year Treasury note rose to 2.85 percent from 2.81 percent in the minutes after the Fed made its announcement.