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Dow drops 100 after Fed official's warning

5:01 AM, Sep 26, 2012   |    comments
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NEW YORK (AP) -Wall Street saw its biggest sell-off in three months after a Federal Reserve official said he doubts the bank's effort to boost economic growth would work.

Charles Plosser, president of the Fed's Philadelphia branch, told a group that the Fed's effort to support the economy will likely fall short of its goals.

If the Fed looks ineffective, he warned it could undermine future Fed action.

The Dow ended down 101 points to finish at 13,458. The S&P suffered its fourth straight session decline, down 15 points to 1,442. The Nasdaq dropped 43 points to 3,118.






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