Categories: U.S. Investing

Stocks close at new 2014 lows as Fed tapers again

Stocks close at new 2014 lows as Fed tapers again (USA Today)

Stocks fell Wednesday as major benchmark indexes hit new 2014 closing lows after the Federal Reserve announced plans to cut its monthly bond purchases by an additional $10 billion a month. The Dow Jones industrial average dropped 190 points, or 1.2%, to 15,738.79. The Dow already had slipped 125 points before the Fed’s announcement. The Standard & Poor’s 500 index dropped 18 points, or 1% to 1,774.20, while the Nasdaq composite fell 47 points, or 1.1% to 4,051.43. The market is in a corrective phase so far this year after rising 30% in 2013. Wall Street is feeling pressure from struggling emerging markets, with Turkey and South Africa moving to hike interest rates in an effort to shore up their weakening currencies.

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Paul Dykewicz

Paul Dykewicz is the editor of StockInvestor.com and the editorial director of Eagle Financial Publications in Washington, D.C. He writes and edits for the website, as well as edits investment newsletters, time-sensitive trading alerts and other reports published by Eagle. He also is an accomplished, award-winning journalist who has written for Dow Jones, USA Today and other publications, as well as served as business editor of a daily newspaper in Baltimore. In addition, Paul is the author of the inspirational book, "Holy Smokes! Golden Guidance from Notre Dame's Championship Chaplain." He received his MBA in finance from Johns Hopkins University, where he was a two-time president of the school's Finance Club. In addition, Paul has a bachelor's degree from the University of Michigan and a master's degree in journalism from Michigan State University. Outside of work, Paul volunteers with a faith-based organization to assist the poor in Southeast Washington, D.C., to learn personal finance skills to lift themselves out of debt.