A sign for Wall Street is seen just outside the New York Stock Exchange.(Photo: Timothy A. Clary, AFP/Getty Images)
NEW YORK, N.Y. -- Investors are hoping for a market turnaround today.
Stocks fell sharply yesterday after the Federal Reserve disclosed that its top officials were mostly in agreement that the central bank should end its massive bond-buying program.
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.
Traders have been worried about weak earnings and have been looking for clarity on how and when the Fed will wind down its bond purchases. Some investors believe the Fed's bond-buying has inflated stock prices.
The Dow Jones industrial average fell 105 points, or 0.7 percent, to 14,897. The Dow has fallen 4.9 percent since hitting a record high on Aug. 2.
The Standard & Poor's 500 index fell 9 ½ points, or 0.6 percent, to 1,642. The Nasdaq composite lost nearly 14 points, or 0.4 percent, to 3,599.