Stocks retreat on news of slowing recovery
by Associated Press
Published: August 11,2010
NEW YORK — Stock futures and interest rates are tumbling as investors worldwide grow concerned about the health of the U.S. economy after the Federal Reserve said the recovery was slowing down.
Overseas markets are falling sharply today.
The Fed says it will start buying government bonds with money it receives from maturing mortgage-backed bonds. The goal is to try to cut interest rates on mortgages and corporate loans, which in turn would increase borrowing and help the economy grow faster.
Dow Jones industrial average futures are down 126, or 1.2 percent, at 10,492. Standard & Poor’s 500 index futures are down 15.40, or 1.4 percent, at 1,104.30, while Nasdaq 100 index futures are down 27.75, or 1.5 percent, at 1,868.75.
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