Benchmark stock indices plunged to their lowest levels in almost two weeks tracking weak global cues. US Federal Reserve Chairper Janet Yellen hinted at raising interest rates sooner than expected, in her first press conference after assuming the top job at US central bank.
Also, Fed’s bond-buying program was expectedly snipped of another $10bn this month, adding to the gloom.
Stocks world over as measured by the MSCI world equity index dropped 0.6%, after Yellen said the US Fed might end its bond-buying program as early as autumn, and could start to raise interest rates from historic lows, around six months later.
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