Global markets fall as end to US stimulus beckons
No wonder : the end of cheap money closing. We shall see more of this in the coming months
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Global markets have fallen sharply after the Federal Reserve signalled it may begin to scale back its stimulus of the US economy later this year.
On Wall Street, the Dow Jones dropped 354 points, or 2.3%, to close at 14,758, while the S&P 500 had its worst day since November 2011, shedding 2.5%.
European stock markets were down 3% or more by the close.
Other risky investments, such as bonds and commodities also fell, with short-term cash offering the only safe haven.
The dollar rose as markets anticipated US interest rates rising sooner than had been thought, while the yen fell.
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