U.S. stocks fell sharply Wednesday after the Federal Reserve moved to lower interest rates on consumer loans with a $400 billion debt-swap program that was widely expected, and noted “significant downside risks” to the economic forecast.
Also, a downgrade of several Italian bank ratings by Standard & Poor’s kept alive investor concerns over Europe’s sovereign-debt situation.
“The market probably wanted more than it got,” said Michael Gibbs, managing director and director of equity strategy at Morgan Keegan. “Since [the Fed] didn’t take a rabbit out of a hat ... the market just collapsed on itself. People were hoping for more.”
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 11,124.84 |
|---|---|
| Trade Time: | 4:02PM EDT |
| Change: |  283.82 (2.49%) |
| Prev Close: | 11,408.66 |
|---|---|
| Open: | 11,408.58 |
| Day's Range: | 11,117.28 -11,447.86 |
| 52wk Range: | 10,588.50 -12,928.50 |
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