June 20th, 2013
08:41 PM ET

Stocks plunge in wake of Fed announcement

Wall Street suffered its worst day of the year.

The Dow Jones industrial average tumbled 353 points. Including Wednesday's losses, the Dow has erased more than 550 points in two days.

The reason? Fear. Fear that the easy money Ben Bernanke has plowed into the economy is going to dry up.

OutFront tonight: Peter Kenny, Chief Market Strategist at Knight Capital Group.

Filed under: Economy • Markets
soundoff (One Response)
  1. Paul Tiffany

    "Little Girl Lost Show"
    Over two years ago, Standard & Poor's, one of three major (private) credit-rating agencies, lowered US debt ratings from triple-A. The result? Within a day, US Treasury Bill rates went down, not up, and have continued to set historic records of least expensive debt of any financial instruments in the world. Debt buyers from around the globe rate US debt as the best in the world, in a sense better than AAA. The other two credit rating agencies, never lowered US debt ratings (nor any in Europe or any other countries), claiming the S&P valuation was based on politics, not economics. These were also the same credit-rating agencies that rated junk – i.e. toxic – mortgage-backed derivatives as triple-A. Their ratings are basically meaningless.

    CNN looks foolish when it keeps reporting that the United States "lost" it's credit rating. This couldn't be further from the truth. Please stop reporting this nonesense and isse an apology for getting it so wrong.

    June 25, 2013 at 4:57 pm | Reply

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