Stock slump continues on Wall Street

AP News
Posted: May 23, 2013 9:50 AM
Stock slump continues on Wall Street

NEW YORK (AP) — A global stock market slump is continuing on Wall Street as traders worry about how committed the Federal Reserve remains to keeping up its bond-buying program.

The Dow Jones industrial average fell 112 points to 15,191 in early trading Thursday, or 0.7 percent.

The Standard & Poor's 500 fell 16 points to 1,638, or 1 percent. The Nasdaq fell 29 points to 3,433, or 0.8 percent.

Stocks were down 2.7 percent in Germany and 2.6 percent in France. Japan's Nikkei plunged 7 percent but is still up 39 percent this year.

Investors were spooked by minutes from the latest Fed meeting indicating that several policymakers are leaning toward slowing the central bank's bond-buying program, which has been keeping interest rates low and encouraging investors to buy risky assets like stocks.