UPDATE: Dow Jones Industrial Average Plunges 350 Points

By: Associated Press
By: Associated Press

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UPDATE: Thursday, June 20, 2013

There was no let-up in the flight from stocks and bonds as traders reacted to news that the Federal Reserve could end its massive bond-buying program as next year and as China's manufacturing slowed.

The Dow Jones industrial average plunged 353 points, or 2.3 percent, to 14,758 points Thursday.

The Dow has lost 560 points in the past two days, wiping out its gains from May and June.

The Standard & Poor's 500 dropped 40 points, or 2.5 percent, to 1,588. The Nasdaq fell 78 points, or 2.3 percent, to 3,364 points.

The price of gold dropped and bond yields rose sharply.

Stocks fell across the board. Twenty stocks fell for every one that rose on the New York Stock Exchange. Trading was very heavy at 4.8 billion shares.

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Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year.

U.S. stocks fell sharply in early trading and the yield on the 10-year Treasury note rose to the highest point since October 2011. Gold led a rout in commodity prices and the dollar rose.

The Dow Jones industrial average was down 140 points, or 0.9 percent, to 14,972 in the first few minutes of trading.

The Standard & Poor's 500 index was down 15 points, or 0.9 percent, to 1,613. The Nasdaq composite fell 32 points, or 1 percent, to 3,410 points.

Markets also fell sharply in Europe. Germany's benchmark index was down 2.6 percent, France's fell 2.7 percent.


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