US stocks fall on concerns about global growth, Fed plans
Trader Gregory Rowe, center, works on the floor of the New York Stock Exchange Tuesday, May 28, 2013. US stocks Wednesday closed lower amid concerns about global economic growth and the US Federal Reserve’s plans for unwinding its aggressive stimulus program. AP/RICHARD DREW
NEW YORK—US stocks Wednesday closed lower amid concerns about global economic growth and the US Federal Reserve’s plans for unwinding its aggressive stimulus program.
At the closing bell, the Dow Jones Industrial Average fell 104.75 (0.68 percent) to 15,304.64.
The broad-based S&P 500 gave up 11.56 (0.70 percent) at 1,648.50, while the tech-rich Nasdaq Composite Index dropped 21.37 (0.61 percent) to 3,467.52.
The losses came after the Organization for Economic Cooperation and Development trimmed its world economic growth forecast for 2013 to 3.1 percent from 3.4 percent.
In addition, markets are again skittish over the US Fed’s plans for scaling back its bond-buying program, said Peter Cardillo of Rockwell Global Capital.
Article continues after this advertisement“The fear factor of the Fed is back in the marketplace,” Cardillo said.
