Dow drops on fears of less aggressive Fed

(CNBC) – Stocks fell on Thursday as investors worried that the Federal Reserve will not be as dovish as expected in its monetary policy announcement next week following strong economic data and remarks from the top European Central Bank official.

The Dow Jones Industrial Average traded 171 points lower, 0.6 percent. The S&P 500 also pulled back 0.6 percent. The Nasdaq Composite lagged, sliding nearly 1 percent. Both the S&P 500 and Nasdaq hit record highs in the previous session.

“I think they’re concerned that maybe the fed might be backing off,” said Art Cashin, director of floor operations at UBS. “Durable goods were much better than expected. That’s got some people talking about possibly revising GDP forecasts.”

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