Dow Off 97 Ahead of Fed News

S&P falls back below 1,000

By Nick McMaster, Newser Staff

Posted Aug 11, 2009 3:24 PM CDT

(Newser) – Stocks fell today as investors took profits after the recent rally, the Wall Street Journal reports. Traders characterized the market as “on pause” ahead of a Fed statement on interest rates due tomorrow. Bank of America and GE led the Dow lower with 4.4% and 3.6% declines, respectively. The Dow fell 97 points to close at 9,241. The Nasdaq lost 23 points, settling at 1,970, and the S&P 500 fell shed 13 points to close at 994.

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Traders work on the floor of the New York Stock Exchange in this undated file photo. (AP Photo/Mary Altaffer)

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I don't think the market has run out of steam. I'd just say we're on pause. People want to see what's in that Fed statement tomorrow. - Peter McCorry, Keefe, Bruyette & Woods

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Dow Off 97 Ahead of Fed News