(Washington Business Journal) — Stock in Washington area publicly-traded companies followed the overall market sharply lower in Wednesday trading on new concerns about a slowing economy, both in the United States and abroad.
The Bloomberg D.C. Area Stock Index, which tracks locally-traded stocks, ended the day down 2.9 percent. The S&P 500 Index retreated 2.8 percent.
Stocks sold off broadly Wednesday, a day after the Federal Reserve moved to bolster a sputtering economy by committing to Treasury purchases using principal payments it is receiving from mortgage-backed securities it holds. The net flow will keep the Fed’s portfolio level, while still pumping money back into the market.
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