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May 23, 2013

Fed news drops stocks

NEW YORK (AP) — The Federal Reserve took financial markets for a ride Wednesday, pushing stock prices up in the morning then sending them down in afternoon.

Prices surged on congressional testimony by Fed chairman Ben Bernanke early in the day that suggested the central bank would not end its massive economic stimulus program any time soon. But then minutes of a Fed meeting were released suggesting the stimulus could be scaled back as early as next month if the economy picks up, and stocks began dropping fast.


 
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