Stocks Slide After Fed Meeting
iStock/Thinkstock(NEW YORK) — When the Federal Reserve speaks the markets listen, and they didn’t like what they heard from the last meeting on Wednesday.
The Dow Jones Industrial Average closed down 90 points at 16,040.56. The Nasdaq Composite fell 35 points to 4,237.95. The S&P 500 gave up 12 points to end the session at 1,828.75.
Stocks moved lower after the minutes from the latest Federal Reserve meeting were released. They show that officials agreed to continue to taper the stimulus as long as the economy keeps improving. They couldn’t agree on how to modify their commitment to keep interest rates near zero.
Tesla shares surged in after-hours trading after an impressive fourth quarter earnings report. The company sold more than 7,000 high-end electric vehicles last quarter.
A rough winter has put construction on ice. Winter weather pushed construction starts on new homes down 16 percent in January from December, the Commerce Department reported.
Copyright 2014 ABC News Radio
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