Authors: Joshua Cohan
(NEW YORK) -- U.S. stocks skidded in the opening of trading Wednesday, losing nearly all of Tuesday's rally. Gold surged to yet another new high.
The Dow Jones Industrial Average fell 425 points or 3.8 percent at 10:55 a.m. ET. The S&P 500 was down 43, or 3.7 percent, while the Nasdaq fell 86, or 3 percent, to 2,409. But Treasury issues are rising, and gold added $39 to $1,782 an ounce.
On Tuesday the Dow rose 430 points, or 4 percent, to 11,239 at the 4 p.m. close in a wild session of swinging prices.
Markets were still reacting to the Federal Reserve statement about the weakening economy and the news that it would be keeping a key Federal interest rate low because economic growth this year had been "considerably slower than the Committee had expected."
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