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Financials and Fed caution sink Wall Street


    NEW YORK (Reuters) - Stocks fell on Wednesday, as financial shares sold off following their recent run-up and as the Federal Reserve offered a more pessimistic view on the economy's prospects.

    * The Fed cut its 2009 forecast for gross domestic product and raised its outlook for unemployment, tempering recent optimism that the economy might be turning the corner.

    * Based on the latest available data, the Dow Jones industrial average ended unofficially down 53.21 points, or 0.63 percent, at 8,421.64. The Standard & Poor's 500 Index ended unofficially down 4.71 points, or 0.52 percent, at 903.42. The Nasdaq Composite Index shed 6.70 points, or 0.39 percent, to end unofficially at 1,727.84.

    (Reporting by Ellis Mnyandu; Editing by Leslie Adler)