Fed's Fears Push Dow Off 53
By Harry Kimball,  Newser Staff
Posted May 20, 2009 3:11 PM CDT
Traders work on the floor of the New York Stock Exchange.   (AP Photo)
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(Newser) – Markets fell today after the Federal Reserve warned of a more prolonged recession than it previously expected, the Wall Street Journal reports. Financials and tech contributed to the plunge, which even a 6-month high in oil prices could not stop. “We’re just dealing with a stock market that was defying gravity,” a broker said. The Dow was off 52.81 to 8,422.04. The S&P fell 4.66 to 903.47. The Nasdaq lost 6.70, ending at 1,727.84.