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U.S. stocks tumble after Fed offers no surprises | 9.21.11

U.S. stocks tumble after Fed offers no surprises

Sept. 21, 2011, 4:11 p.m. EDT

SAN FRANCISCO (MarketWatch) -- U.S. stocks dropped sharply Wednesday, with the major indexes notching deep losses in the last hour of trading, in the wake of a Federal Reserve statement that was largely in line with market expectations. The Dow Jones Industrial Average (DJI:DJIA) lost 283.82 points, or 2.5%, to 11,124.84. The S&P 500 (SNC:SPX) fell 35.33 points, or 2.9%, to 1,166.76. The Nasdaq Composite (NASDAQ:COMP) lost 52.05 points, or 2.01%, to 2,538.19. The Federal Reserve announced a $400 billion debt swap that will extend the average maturity of the securities it holds, a bid to lower long-term rates that had been widely expected. "The Fed disappointed in a big way. They had a chance to go big and they wimped out," said Keith Springer, president of Springer Financial Advisors in Sacramento, Calif.

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