The Dow Jones Industrial Average had its worst day since October and the S&P 500 erased its gains for the year amid pessimism from the Federal Reserve and concern over speculative trading of GameStop and AMC stock.
Jan.27 (UPI) — U.S. stocks took a steep dive Wednesday amid a negative outlook on pandemic recovery from the Federal Reserve and increased concern over heightened speculative trading. The Dow Jones Industrial Average fell 633.87 points, or 2.05%, while the S&P 500 dropped 2.57% and the Nasdaq Composite declined 2.61% as the Federal Reserve opted to keep the benchmark borrowing rate at its current level of 0% to 0.25%. «The path of the economy will depend significantly on the course of the virus, including progress on vaccinations,» the Federal Open Market Committee said in a statement. Wednesday’s losses marked the Dow’s worst day since Oct.
