Aust stocks slump over 1.8% on Fed taper talk
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The Australian stock market extended losses to fall almost 2% in late trade to sit below the key 5000 psychological threshold, as fresh uncertainty about the future of the US stimulus program weighed on investors.
At 1600 AEST, the benchmark S&P/ASX200 index fell 1.85% to 5,008.8 points, while the broader All Ordinaries index lost 1.8% to 4994 points.
CMC Markets senior trader Tim Waterer said the negative Wall Street lead had set the tone across the region.
"Traders are showing some reluctance to commit to new positions in light of recent comments by (US) Fed officials," Mr Waterer said.
" While the recent statements from both the Chicago and Atlanta Fed officials did not contain any groundbreaking information, the taper references served as an unwelcome reminder to markets that at some point there will be an ‘end game’ to the current stimulus program."