A quiet day on Wall Street turned into the worst sell-off in three months after a Federal Reserve official said he doubted the bank's effort to boost economic growth would work.
Charles Plosser, president of the Fed's Philadelphia branch, told an audience Tuesday that the Fed's effort to support the economy would likely fall short of its goals. And if the Fed looks ineffective, it could undermine future Fed action.
The Dow Jones industrial average fell 101.37 points, or 0.7 percent, to 13,457.55.
The Standard & Poor's 500 index lost 15.30, or 1.1 percent, to 1,441.59.
The Nasdaq composite index dropped 43.05, or 1.4 percent, to 3,117.73.
For the week:
The Dow is down 121.92, or 0.9 percent.
The S&P 500 is down 18.56, or 1.3 percent.
The Nasdaq is down 62.23, or 1.9 percent.
For the year:
The Dow is up 1,239.99 points, or 10.1 percent.
The S&P 500 is up 183.99, or 14.6 percent.
The Nasdaq is up 512.58, or 19.7 percent.