Fed statement a good excuse to take profits

|By:, SA News Editor

Check that. Far from little-changed, traders use some real or imagined hint from the Fed statement to take a break from buying low and selling high, with the S&P 500 (SPY -0.7%) diving nearly 1% in a matter of minutes.

Perhaps at work here - and we're grasping at straws - is the removal from the statement of a line expressing concern about tightening financial conditions.

The Dow (DIA -0.6%), Nasdaq 100 (QQQ -0.4%), and Russell 2000 (IWM -1.5%).

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