Futures slump in wake of Fed statement

NEW YORK (AP) — Stock futures are sliding in the wake of comments by the chairman of the Federal Reserve, who said that the U.S. would pull back on the massive bond-buying program that for months has propped up markets at home and abroad.

Dow Jones industrial futures are down 95 points to 14,952. S&P futures have lost 11.7 points to 1,612. Nasdaq futures down 24.25 points to 2,932.

Markets have been seeking clarity for some time and Fed Chairman Ben Bernanke provided it Wednesday, saying that the government would slow its bond-buying program later this year and, if the economy continues to improve, end it by 2014.

The 10-year bond is hitting a 15-month high and the dollar is jumping against foreign currencies.

Housing and jobs data will be released Thursday.

KSN.com provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

blog comments powered by Disqus