(Cleveland) - Stocks were sharply lower Wednesday following weak earnings from several U.S. companies, more trouble in emerging markets and economic stimulus cuts from the Federal Reserve.
The Standard & Poor's 500 index fell 18 points, or 1 percent, to close at 1,774 Wednesday. The S&P 500 has ended lower on four of the last five days.
The Dow Jones Industrial Average lost 189 points, or 1.2 percent, to 15,738. The Nasdaq Composite dropped 46 points, or 1.1 percent, to 4,051.
Despite another negavtive day on Wall Street, Michael Bee with Cleveland-based Boyd Watterson Asset Management urges investors not to panic and stay in it for the long haul.
The stock market opened lower after companies including Boeing and AT&T gave weak earnings outlooks and investors worried about plunging currencies in developing countries like Turkey and South Africa.
Bond prices rose. The yield on the 10-year treasury note fell to 2.69 percent from 2.75 percent late Tuesday.
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