Sep. 21, 2011 at 2:42 PM ET
Trading on Wall Street tumbled sharply minutes after the Federal Reserve announced its latest plan to stimulate the struggling economic recovery.
The Fed said on Wednesday that it will keep rates unchanged and announced new steps to help boost the U.S. economy. Most traders had been anticipating this move.
The central bank left its target on short-term interest rates unchanged near zero, but also said it will shift its holdings of securities into the longer term in the hopes that would lower interest rates, induce more lending and help businesses and consumers spend more.
Stocks are selling off on the news, with the Dow down about 125 points minutes after trading.
Earlier in the trading day, Moody's lowered the debt ratings for Bank of America., Wells Fargo and Citigroup, saying it is now less likely that the U.S. government would step in and prevent the lenders from failing in a crisis.