Stocks slump to worst day in three months in wake of Fed statement

NEW YORK: U.S. stocks suffered their biggest one-day percentage drop in three months on Wednesday, adding to losses after the latest Fed statement as major indexes were also pressured by a slump in Boeing and a selling of long positions by hedge funds.

"Given the continued concerns around COVID and disappointingly slow rollout of the vaccine, the US economy is likely to lose momentum in the first quarter of the year," said Seema Shah, chief strategist at Principal Global Investors in London. Boeing Co fell and was among the top drags on the Dow after the planemaker took a hefty US$6.5 billion charge on its all-new 777X jetliner due to the COVID-19 pandemic and the aftermath of a two-year safety crisis over its 737 MAX.

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