The economic news that greeted Wall Street this morning was not good, so...Wall Street did exactly what was expected. This from the New York Times:
Shares on Wall Street retreated in the wake of the announcement by the Fed that it would buy government debt and as new trade figures suggested a slowdown in growth in the United States. The trade data came on the heels of economic reports from China that indicated that its economy was slowing.
At the close, the Dow Jones industrial average was 2.5 percent, while the broader Standard & Poor's 500-stock index dropped 2.81 percent. The technology heavy Nasdaq fell 3 percent.