NEW YORK, Feb 11 (KUNA) -- US Stocks dropped severely Thursday after Federal Reserve System Chair comments on "a chance of recession." The Chair of the Board of Governors of the Federal Reserve System Janet Yellen said today in Capitol Hill that "There is always some chance of recession in any year ... "But the evidence suggests that expansions don't die of old age." The Dow Jones industrial average have dropped more than 300 points approximately 1.92 percent to reach its lowest 15,518.66 at midday.
The Federal Reserve also effected the Standard and Poor's (S& P 500), where it opened this morning 1,847.00 -which is also its highest trade- to drop 35 points.
In Washington, Yellen said that the central bank is studying whether negative interest rates would help should conditions worsen. (end) mao.ibi