A new program involving local subsidies aims to help middle-income Californians afford better housing. Critics say it’s a bad use of public funds.
The S&P 500 fell 26.19 points to 4,470, while the Dow dropped 192.38 points to 35,213.12. The Nasdaq lost 96.05 points to close at 14,945.81. The tech-heavy index had closed above 15,000 points for the first time a day earlier. Despite the sell-off in stocks, market indicators that traditionally signal worry on Wall Street were little changed. Treasury yields were mixed, and the yield on the closely watched 10-year Treasury held steady at 1.35%. Meanwhile, the price of gold rose only 0.2%.
Before the attack, most of the market’s attention was on the Fed and on what Fed Chair Jerome H. Powell will say when he speaks at the central bank’s annual symposium Friday.
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