BUSINESS

Stocks end lower as Fed sticks with its plan to slow economic stimulus as economy improves

08/21/2013 04:13 EDT | Updated 10/21/2013 05:12 EDT
NEW YORK, N.Y. - The stock market is closing lower after the Federal Reserve signalled that it's still on track to slow its huge bond-purchasing program.

The stock market was already lower Wednesday after several retailers including Staples and American Eagle issued disappointing profit forecasts.

The Dow Jones industrial average fell 105 points, or 0.7 per cent, to 14,897 points. The Dow extended its losing streak to six, its longest since July 2012.

The Standard & Poor's 500 index fell nine points, or 0.6 per cent, to 1,642. The Nasdaq composite fell 13 points, or 0.4 per cent, to 3,599.

The yield on the 10-year Treasury note rose to 2.89 per cent from 2.82 per cent as investors sold bonds.

Three stocks fell for every one that rose on the New York Stock Exchange. Trading volume was light.