Posted: Thursday, December 12th 2013 at 4:27pm
Stocks slide as investors anticipate Fed exit; Dow down 104
By The Associated Press
NEW YORK (AP) -- Stocks closed lower on Wall Street as prospects for a budget deal and more signs of a U.S. recovery suggest that the Federal Reserve may wind down its support for the economy.
The Dow Jones industrial average slumped 104 points, or 0.7 percent, to 15,739 Thursday. The Dow has fallen eight of the last ten days.
The Standard & Poor's 500 index lost six points, or 0.4 percent, to 1,775. The Nasdaq composite edged down five points, or 0.1 percent, to 3,998.
The average number of Americans seeking unemployment benefits rose to about where it was before the recession. Also, U.S. shoppers spent more last month.
Facebook rose 5 percent after the stock was added to the S&P 500 index. Lululemon plunged 12 percent after forecasting weak sales.
© Copyright 2014 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.