Wed, Aug 7, 2013 12:36 PM EDT 1:03
Blame it on the Fed -- or investors and their utter dependence on the Fed's stimulus program. Whoever you blame, global markets had a broad selloff overnight and the S&P 500 is limping along today. Stocks fell at the open as concerns grew over when the Federal Reserve might begin winding down its massive monetary stimulus program. Atlanta Fed President Dennis Lockhart said the Federal Reserve could begin reducing the size of its bond-buying stimulus program as early as September but might wait longer if economic growth fails to pick up in the second half of the year. The Federal Reserve is nearer to dialing back its massive bond-buying program after the unemployment rate dropped last month, a top Fed official said, the second to make that point in as many trading days.