US stocks sink after Fed paints poor outlook

NEW YORK—US stocks dropped sharply in late trade Wednesday after the Federal Reserve’s “Beige Book” portrayed a still-weak economy in September, while sharp drops by tech stars Apple and Amazon pulled the Nasdaq down 2.0 percent.

Reports of ongoing discord over the coming comprehensive rescue plan for the eurozone also helped push shares lower, analysts said.

The Dow Jones Industrial Average was down 71.90 points (0.62 percent) to 11,505.15 in closing trade.

The broader S&P 500 lost 15.41 points (1.26 percent) to 1,209.97, while the tech-heavy Nasdaq Composite sank 53.39 points (2.01 percent) to 2,604.04.