June 20, 2013- Stocks Extend Steep Losses Over Stimulus Concerns

Stocks moved sharply lower over the course of the trading day on Thursday, adding to the steep losses posted in the previous session. The extended sell-off came as traders expressed continued concerns about the outlook for the Federal Reserve's stimulus program. The major averages saw further downside in afternoon trading, falling to their lowest closing levels in well over a month. The Dow plummeted 353.87 points or 2.3 percent to 14,758.32, the Nasdaq dove 78.57 points or 2.2 percent to 3,364.63 and the S&P 500 sunk 40.74 points or 2.5 percent to 1,588.19. The continued weakness on Wall Street came as traders continued to react negatively to the Federal Reserve's monetary policy announcement on Wednesday. While the Fed maintained the pace of its asset purchase program at $85 billion a month, upbeat comments regarding the economic outlook were seen as a sign that the central bank plans to scale back the program in the near future.