($SPX, $SPY, $MACRO, $EURUSD) U.S. stocks fell sharply Wednesday after the Federal Reserve moved to lower interest rates on consumer loans with a $400 billion debt-swap program that was widely expected, and noted “significant downside risks” to the economic forecast.
Also, a downgrade of several Italian bank ratings by Standard & Poor’s kept alive investor concerns over Europe’s sovereign-debt situation. -MarketWatch