⁍ Nine out of the 11 major S&P 500 sector indexes were lower.
⁍ Technology stocks .SPLRCT leading the declines.
⁍ The Nasdaq .IXIC, which entered correction territory earlier this month, slipped another 1%.
– The Federal Reserve promised to keep interest rates low for a long time to help the US economy out of a recession, but investors were disappointed by the lack of specifics in its plan. At the open, the Dow was down about 100 points, or 0.4%, while the Nasdaq and S&P were down 0.5% and 0.2%, respectively, reports Reuters. On Wednesday, the Fed said it would keep interest rates low for a “considerable time” to help the economy recover from the financial crisis and recession. “The Fed is out of tools and stock investors are finally realizing this,’ said Greg Swenson, founding partner of Brigg Macadam. “With rates this low and quantitative easing ramped up, there is little the Fed can do to help the economy rebound or limit the fallout from any unexpected economic weakness in the near-term.’ Adding to concerns around a stalling recovery, the Labor Department’s report showed the number of Americans filing new claims for unemployment benefits fell last week, but remained perched at extremely high levels.
Source: https://www.reuters.com/article/us-usa-stocks/tech-sell-off-hits-wall-street-as-jobless-claims-remain-high-idUSKBN2681LC