Pursuits
U.S. Stocks Fall After Fed Stands Pat as Apple, Boeing Lead Drop
- Boeing has worst drop since 2001, Apple the most in 2 years
- Equities whipsaw before Fed statement, tracking crude
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U.S. stocks sank following no discernible shift in stance from the Federal Reserve amid recent market turmoil, as Apple Inc. and Boeing Co. led a slide after their outlooks disappointed investors.
Even a gain in crude oil couldn’t stem the afternoon selling Wednesday, as Boeing had its steepest drop in 14 years, and Apple’s loss was the biggest in two years. An index of technology hardware companies slumped to its lowest in 21 months. Biogen Inc. and Capital One Financial Corp. gained at least 4.8 percent after their profits beat estimates. Facebook Inc. rallied in late trading following its earnings report after the markets closed.