Sell-Off on Wall Street; Dow Down More than 200 Points
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iStockphoto/Thinkstock(NEW YORK) — Stocks posted sharp declines Wednesday with all the major averages falling for the second straight day.
The Dow Jones Industrial Average dropped 216 points to finish at 14,960. It’s the first time the Dow’s closed below 15,000 since May 7. All 30 Dow stocks finished the session lower on Wednesday. It’s the largest decline for the major averages since mid-April.
The biggest question mark facing investors is how much longer the Fed will continue to boost the economy. Analysts fear that the good news we have been hearing about housing, consumer confidence and corporate earnings mean the Federal Reserve will pull back soon.
That said, economic news on Wednesday was mixed. One measure of private sector job growth is worse than expected, but news from the service sector was somewhat more encouraging.
Investors are watchful now for Friday’s job report.
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