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Dow Jones Average Falls Dramatically, Again
NEW YORK (AP) — There was no let-up in the flight from stocks and bonds Thursday, and the Dow Jones industrial average fell more than 300 points. The Dow was down 338 points, or 1.9 percent, to 14,875. The Nasdaq composite fell 72 points, or 2.1 percent, to 3,369.
A day after the Federal Reserve roiled U.S financial markets when it said it could step back from its aggressive economic stimulus program later this year, financial markets continued to slide. A slowdown in Chinese manufacturing added to Wall Street's worries.
A Fed policy statement and comments from Chairman Ben Bernanke started the selling in stocks and bonds Wednesday.
Bernanke said the Fed expects to scale back its massive bond-buying program later this year and end it entirely by mid-2014 if the economy continues to improve.
The bank has been buying $85 billion a month in Treasury and mortgage bonds, a program that has kept borrowing costs near historic lows for consumers and business. It has also helped boost the stock market.
Photo: Specialist John O'Hara works at his post on the floor of the New York Stock Exchange, Thursday, June 20, 2013. Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year. Photo by Richard Drew/AP Photo
Dow Jones Average Falls Dramatically, Again
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Last Update on December 18, 2014 08:45 GMT
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Labor Department releases weekly jobless claims, 8:30 a.m. Eastern Time.
Mortgage company Freddie Mac releases weekly mortgage rates, 10 a.m.
Conference Board releases leading indicators for November, 10 a.m.
SONY HACK-NORTH KOREA
NEW YORK (AP) -- A U.S. official says North Korea perpetrated an unprecedented act of cyberwarfare against Sony Pictures that exposed tens of thousands of sensitive documents and escalated to threats of terrorist attacks that ultimately drove the studio to cancel all release plans for "The Interview," the film at the heart of the attack.
Federal investigators have now connected the Sony Pictures hack to the isolated communist nation, according to an official who spoke on condition of anonymity because the official was not authorized to openly discuss an ongoing criminal case.
Earlier in the day, the besieged company said it was canceling the Christmas Day release of "The Interview." It cited the threats of violence against movie theaters and decisions by the largest multiplex chains in North America, one after another, to pull the film from its screens.
The attack is unprecedented and possibly the costliest for a U.S. company ever, says Avivah Litan, a cybersecurity analyst at research firm Gartner.
LOS ANGELES (AP) -- Taxi alternative Uber is responding to public concerns that its drivers are not adequately screened for past criminal convictions by promising to focus on rider safety.
Uber's head of global safety wrote in a blog post Wednesday that in 2015 the company will "build new safety programs and intensify others."
The initiatives will include new ways to screen drivers and the creation of teams that can rapidly respond to safety-related reports.
The blog referenced a case in India in which a driver was accused of raping a passenger. It didn't mention a lawsuit filed by California prosecutors which says the company's safety checks of drivers fall short.
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