Stocks slide as Fed sticks with wind-down plan

8/21/2013

NEW YORK — The stock market closed lower today after the Federal Reserve signaled that it’s still on track to slow its huge bond-purchasing program.

The stock market was already lower today after several retailers including Staples and American Eagle issued disappointing profit forecasts.

The Dow Jones industrial average fell 105 points, or 0.7 percent, to 14,897 points. The Dow extended its losing streak to six, its longest since July, 2012.

The Standard & Poor’s 500 index fell nine points, or 0.6 percent, to 1,642. The Nasdaq composite fell 13 points, or 0.4 percent, to 3,599.

The yield on the 10-year Treasury note rose to 2.89 percent from 2.82 percent as investors sold bonds.

Three stocks fell for every one that rose on the New York Stock Exchange. Trading volume was light.