Posted: Wednesday, August 21st 2013 at 4:42pm
Stocks slide as Fed sticks with wind-down plan
By The Associated Press
NEW YORK (AP) -- The stock market closed lower Wednesday after the Federal Reserve signaled that it's still on track to slow its huge bond-purchasing program.
The stock market was already lower Wednesday 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.
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