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Experts Hearing a Lot of Anger About Stock Market


This morning, the Federal Reserve announced plans to keep interest rates "exceptionally low" until at least mid-2013. This is in response to a recent slowdown in the U.S. recovery. For months, the Federal Reserve had been ambiguous on its timeframe, indicating it would keep its federal funds rate near zero for an "extended period," to help stimulate the economy. At noon, the Dow was down about 70 points, but still a much better day than Monday, -when the Dow plunged 635 points; it was historic. KBND has a perspective from someone who received a lot of frantic calls: Stock broker Steve Rustic with D.A. Davidson talks about some of the calls he received yesterday during the big drop: a day of a lot of fear and frustration. "And then there's the anger. The anger's palpable. You have people mad at the President, mad at the Democrats, the Republicans, the Tea Party, Unions, big business; everybody's mad." He says to calm fears of clients he asked them if they knew what the Dow closed at one year ago today. The answer is about 10,698. And yesterday's close was slightly higher than that, up one percent from a year ago. 

 

 

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