Bernanke aims for clarity on bond-purchase tapering
In Washington Bernanke signaled the Fed may trim monthly bond purchases later this year and end them by mid 2014 if the economy improves. Investors reacted by selling stocks and bonds as rates were expected to rise, after confusion over the central bank’s intent. The Fed has bought 85 billion dollars in Treasuries and mortgage bonds monthly, helping long-term rates fall and fueling a rally.
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Stocks Slide as China Worries Deepen Wall Street Losses
The Dow fell 353 points to 14,758.32 as traders dumped stocks and bonds after the Fed signaled a slower stimulus plan and a China manufacturing slowdown intensified risk aversion. The S&P 500 slid 40.74 to 1,588.19 while 10-year yields rose to 2.41 percent, gold dropped to 1286.20, and homebuilder shares slump as demand cools.
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Oil falls on Fed comments as markets slide
Oil prices drop sharply as weak Chinese manufacturing data and the Fed's scaling back signals spook investors. Brent and WTI fall, with gasoline and heating oil slipping and the dollar strengthening amid a broad stock-bond selloff.
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