World Snap

US stocks fall as stimulus hopes fade

US stocks continued to fall Wednesday as investors were told that the Federal Reserve was not willing to launch more stimulus measures amid steady improvement in the job market.

The sell-off in the market continued from the previous session after the central bank released the minutes from its March rate-setting meeting, which disappointed investors with a signal for no further easing measures, Xinhua reported.

Wednesday’s data provided more evidence for the recovery in the jobs market. Automatic Data Processing reported that 209,000 jobs were added to private sectors in March, but the positive report failed to bolster the market.

Meanwhile, the European Central Bank kept interest rate unchanged at a record low of 1 percent, as the central bank believed that the ultra-loose monetary policy was vital for economic recovery.

In midday trading, the Dow Jones industrial average lost 153.64 points, or 1.16 percent, to 13,045.91. The Standard & Poor’s 500 was down 16.61 points, or 1.18 percent, to 1,396.77. The Nasdaq Composite Index gave up 54.75 points, or 1.76 percent, to 3,058.82.

Exit mobile version