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Wall Street drops after Fed statement


    NEW YORK (Reuters) - The Dow and the S&P 500 fell on Wednesday after the Federal Reserve said it would launch a new $400 billion program to aid the flagging economy.

    The Dow Jones industrial average dropped 142.29 points, or 1.25 percent, to 11,266.37. The Standard & Poor's 500 Index slid 16.35 points, or 1.36 percent, to 1,185.74. The Nasdaq Composite Index slipped 9.28 points, or 0.36 percent, to 2,580.78.

    The Dow had briefly turned positive just after news of the Fed statement, but then turned lower. The S&P 500 declined in sync with the Dow, and the Nasdaq gave up its gain.

    (Reporting by Edward Krudy; Editing by Jan Paschal)