(Wall Street Journal) U.S. stocks held their losses Wednesday after the Federal Reserve decided to cut back further on its stimulus efforts, as widely expected.
The Dow Jones Industrial Average was down 134 points, or 0.8%, to 15796 in recent trading, after being down more than 200 points immediately after the release of the Fed statement. The S&P 500 index gave up 11 points, or 0.7%, to 1780, and the Nasdaq Composite Index fell 30 points, or 0.7%, to 4068.
Treasury bonds extended a price rally that began earlier in the day amid turbulence in some emerging markets. Gold futures pared gains but remained higher on the day. The dollar strengthened against most major currencies. Many investors see the scaling back of bond purchases as positive for the dollar because the stance of the U.S. central bank contrasts with that of some other central banks, which analysts say are more likely to keep easing to support growth.
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