It looks dismal on Wall Street this morning after the Dow faced its worst single day this year, plunging 353 points. And there's growing worry the bull market may be turning.
Christine Romans is covering the story.
“No sector was immune to the selling—banks battered, manufacturers mauled, homebuilders hosed,” Romans reports. "The pros on Wall Street say this was bound to happen, after months of gains and record highs.”
U.S. stock futures are down slightly this morning after closing mixed yesterday. The big announcement from the Federal Reserve is driving the markets right now. Christine Romans is minding your business this morning with the latest.
Chairman of the Federal Reserve, Ben Bernanke, set very clear bars yesterday about "what the Fed is doing and what it will do” regarding stimulus measures and more. “They say they’re gonna keep helping the economy until the national jobless rate falls to 6.5%,” Romans reports. “And they’re setting an inflation limit of 2.5%.” Setting these explicit bars is “new territory for the Fed,” she adds.
Romans also reports Bernanke warning, however, “that all of these Herculean measures from the Fed would not be enough to undo the fiscal cliff.”