Stocks Fall as Fed Policy Becomes Clear

The Dow, S&P 500, and Nasdaq all logged their second-straight day of sharp losses today. Investors unpacked the anxiously-awaited Federal Open Market Committee (FOMC) minutes, in which the U.S. Federal Reserve laid out its plan to shrink its balance sheet by $95 billion a month. Though no final decisions have been made, the meeting indicated an agreement amongst officials. 

Bond yields climbed after the report, and the previously inverted 10-year Treasury yield jumped back above the 2-year Treasury yield. The tech-heavy Nasdaq led the losses today with a 315-point drop, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX) logged its highest close in nearly two weeks. 

The Dow Jones Average (DJI - 34,496.51) fell 144.7 points or 0.4% for the day. UnitedHealth Group (UNH) led the gainers with a 2.7% rise, while Salesforce.com (CRM) dropped to the bottom of the index with a 4.4% loss. 

The S&P 500 Index (SPX - 4,481.15) lost 44 points, or 1%, for the day, while the Nasdaq Composite (IXIC - 13,888.82) shed 315.4 points or 2.2% in today's session.

Lastly, the Cboe Market Volatility Index (VIX - 22.10) added 1.1 points or 5.1% for the day.

OIL SETTLES AT 3-WEEK LOW

Oil prices fell below the $100 mark and settled at their lowest levels in three weeks, after news that the International Energy Agency (IEA) will release 120 million barrels from its oil reserves. May-dated West Texas Intermediate (WTI) fell $5.73, or 5.6%, to settle at $96.23 a barrel 

Gold prices fell today, but gained in electronic trading following the release of the Fed minutes. June-dated gold shed $4.40, or 0.2%, to $1,923.10 an ounce.