Stocks open sharply lower on Wall Street as the late selling from the previous day carried over. Big technology names led the declines, with Facebook dropping 1.9% and Alphabet falling 1.2%.
Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Sept. 17, 2020. Asian stock markets declined Thursday after the U.S. Federal Reserve indicated its benchmark interest rate will stay close to zero at least through 2023 but announced no additional stimulus plans.
The Dow Jones Industrial Average fell 313 points, or 1.1%, to 27,719, as of 9:42 a.m. Eastern time, and the Nasdaq composite was down 1.9%. The selling was widespread, and roughly 95% of the stocks in the S&P 500 were lower.Low interest rates are usually a boon for investors, sending stocks soaring, and analysts gave varying possible reasons for the market’s weakness.
Another possibility for the weakness is the diminishing odds that Congress will deliver more aid for the economy anytime soon after benefits for unemployed workers and other stimulus expired recently. Investors say such aid is crucial for the recovery, and Powell talked about the importance of it in a press conference Wednesday.
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