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Article: MARKET DROPS ON FED NEWS; NASDAQ HITS 52-WEEK LOW
- Article from:
- United Press International
- Article date:
- December 19, 2000
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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United Press International
12-19-2000
Market drops on Fed news; Nasdaq hits 52-week low
NEW YORK, Dec. 19 (UPI) -- The markets dipped Tuesday on news of the Fed leaving
rates untouched but changing their bias toward easing interest.
It is official; the Fed has said the risk of recession outweighs the risk of
inflation. Expectations are now for a rate cut in January.
The blue-chip Dow Industrial Average slipped 61.5 points, or 0.6 percent,
closing at 10,584.27, while the Nasdaq dropped heavily, from a plus of 46 points
before the Fed announcement, dropping back for a net loss of 113 points for the
day, for a 52 week low, closing at 2509.76.
The S & P index closed down 17.14 points at 1305.60, ...