BANGKOK (AP) - Uncertainty about the U.S. Federal Reserve's next course of action and a sharp, sudden plunge on Wall Street sent Asian stock markets lower today.
The Federal Reserve is spending $85 billion a month on buying bonds to push down interest rates in hopes of spurring borrowing and spending. That has propelled investors into stock markets in search of higher returns.
Encouraging reports on housing and hiring, along with a soaring stock market, have led many to suspect that the Fed could cut back on its bond buying in the coming months. Some believe the stock market could plunge without the Fed's support.
Benchmark crude oil slipped to hover just under $92 per barrel. The dollar fell against the euro and the yen.