In heavily volatile trading Wednesday, the Dow began posting its sixth-straight day in the red.
The Dow Jones Industrial Average slumped 105.44 points to close at 14,897.55, finishing below the psychologically-important 15,000 mark for the first time since July. The blue-chip index has plunged nearly 700 points, or approximately 4.5 percent, since hitting its record high of 15,658.36 on Aug. 2.
The S&P 500 dropped 9.55 points to finish at 1,642.80. And the Nasdaq fell 13.80 points to end at 3,599.79.
The Federal Reserve is considering a new tool to help it drain cash from the banking system and keep short-term interest rates at their targeted level when it decides to shift away from its current ultra-loose monetary policy, according to minutes of the Fed's latest policy meeting.
The alleged culprit for the plunge in today's stocks is attributed to the Federal Reserve's minutes in Wednesday's meeting. Some investors deem the Fed's take on the economy does not correspond to the current economic climate of the country.
The trend of brutal stock drops have primarily been the month of September since 1971. Whether the trend is on an early track or merely a glitch, is to be determined in the remaining days of August.