S&P 500 Has Biggest Decline of 2013 After Fed Minutes Released

by The Associated Press Feb 20th 2013 4:47PM
Updated Feb 20th 2013 5:14PM
NEW YORK -- Stocks are closing lower on Wall Street following news that several top Federal Reserve officials are doubtful about continuing the central bank's economic stimulus.

The S&P 500 index had its biggest loss of the year.

The Dow Jones industrial average lost 108 points to close at 13,927 points Wednesday.

The Standard & Poor's 500 lost nearly 19 points, or 1.2 percent, to 1,511.

The Nasdaq composite fell 49 points to 3,164. Apple fell 2 percent on reports of a hiring freeze at its main supplier in China, Foxconn.

Caterpillar fell after reporting weaker sales in North America and Asia, dragging the Dow lower.

Three stocks fell for every one that rose on the New York Stock Exchange. Volume was 4.1 billion shares, slightly heavier than usual.


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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msteel3rivr

OBAMA PUT THIS COUNTRY IN TROUBLE, CAPITALISM AT ITS FINEST, RONALD REAGAN THE BEST PRESIDENT IN MY LIFETIME, TOO MUCH TO SAY HERE NOT ENOUGH TIME......WAKE UP AMERICA

February 21 2013 at 4:36 AM Report abuse +1 rate up rate down Reply
dbogan3220

It was George Bush who put us in this position, Before he was put into the white house before he was even nominated several economists warned that George Bush would completely trash the American economy if he were to win two terms the year was 1999. No one listened.

February 20 2013 at 11:43 PM Report abuse +1 rate up rate down Reply
acoachecb

Anyone who has ever bought a house knows what it feel like to need every penny of income over 8 years to JUST pay off it's debt.

February 20 2013 at 8:02 PM Report abuse +1 rate up rate down Reply
joper201

How can ANY economy last when it would take EVERY penny of it's income over 8 years to JUST pay off it's debt??

America's grand children will be cursing obama and this generation for burdening them with an additional enormous tax burden to pay off.

We will be the FIRST generation to leave America worse off for our children than it as left for us.

Are all non spending cut people proud of yourselves????

February 20 2013 at 7:24 PM Report abuse rate up rate down Reply
1 reply to joper201's comment
gerbersmail

Obviously, you have a short memory. Can you say George W. Bush? Thought so.

February 20 2013 at 7:40 PM Report abuse -1 rate up rate down Reply
1 reply to gerbersmail's comment
lightendog

Obama put us in more debt quicker then Bush. Bush did us in 5 Trillion in 8 years, Obama did us in 6 Trillion in 4 years.

February 20 2013 at 10:50 PM Report abuse rate up rate down
Burt

Yesterday everyone was cheering about the Stock market and how great it was and how it was all due to Obama. There were comments warning to be careful and not to display unfounded exuberance. Commentors were scoffed at.
Shure as shinola it is crashing today as if the Fed was really going to be able to save us, and the reports were bad anyway. Get a grip people and get ready for the big hit!!!

February 20 2013 at 5:59 PM Report abuse +2 rate up rate down Reply