Market Drops on Taper Fears

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Market Drops on Taper Fears (Bloomberg)

U.S. stocks fell again today, marking the S&P 500’s biggest two-day decline in two months, as investors feared that a congressional budget deal could mean Federal Reserve stimulus tapering as soon as next week. “We’ve moved much closer for the Fed to taper in December,” Jeffrey Kleintop, chief market strategist at LPL Financial LLC in Boston, said. “Markets are increasing their views that we are a week or so away from tapering because of improving economic data and clearing the hurdle for a budget deal. This deal is great, it’s a positive, but also a negative because it could prompt the Fed to taper sooner.”

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