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The U.S. stocks plunged after the Federal Reserve made it official -- no change in rates and “Operation Twist” is a go.
Stocks ended near the lowest levels of the day after the Fed said it will shift $400 billion from short-term treasuries into long-term treasuries in an effort to boost lending and spur the economy.
While “Operation Twist” was exactly what investors had been anticipating, meeting expectations with the bare minimum came up short of pleasing them.
Dow Jones dropped 284 points, or 2.5%, S&P fell 35 points, and Nasdaq composite index, closed down with a drop of 52 points.
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