NEW YORK (AP) — Stocks fell sharply Wednesday after the Federal Reserve disclosed that its top officials were mostly in agreement that the central bank should end its massive bond-buying program.
The Dow Jones industrial average fell 105 points. It was the index’s sixth straight decline, the longest losing streak since July 2012.
In the minutes from Fed’s July policy meeting, board members said it “might soon be time” to slow the purchases. The bond-buying program has been in place in one form or another since late 2008 to keep interest rates low and encourage economic growth.
The Fed has been purchasing $85 billion in bonds a month since December.