Stocks plunge after Fed announces stimulus steps.
NEW YORK -The Federal Reserve did what investors expected Wednesday — it said it would buy Treasury bonds to help the economy. But stocks fell anyway. The reason? The Fed made it clear that it thinks a full economic recovery is years away.
The Dow Jones industrial average lost 283.82 points, or 2.5 percent, and closed at 11,124.84. The Standard & Poor's 500 index fell 35.33, or 2.9 percent, to 1,166.76 The Nasdaq composite fell 52.05, or 2 percent, to 2,538.19.
Investors bought Treasurys because of concerns about the weak economy. The yield on the 10-year Treasury note fell to a record low of 1.86 percent from late Tuesday's 1.93 percent.
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