— U.S. stocks tumbled Wednesday, dragged lower by cyclical stocks as investors grew more conservative about the Federal Reserve’s attempts to stimulate the economy.

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Europe and other US trading partners are trying to shame the FOMC into not announcing another large, market-distorting QE at there meeting a week from today. Today's report that US New Home Sales rebounded 6.6% is seen by most as not likely to keep the Fed from announcing some moderate level of QE2 next week. Durable Goods also rebounded, but were distorted by Aircraft orders. The chatter on the Street these days is that the Fed will take a much more cautious QE approach this time around, leaving itself maximum leeway to adjust the policy as new information is acquired. Reuters