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Stocks fell more than 1 percent on Wednesday after Federal Reserve Chairman Ben Bernanke said the Central Bank would start to reduce its stimulus measures later this year if the economy is strong enough.
Equities have been closely tethered to ultra-loose monetary policy, which has been key to the S&P's climb of more than 14 percent so far this year. Benchmark 10-year US bond yields jumped to a 15-month high on expectations the Fed will reduce its bond buying.
Bernanke said at a news conference the Fed may reduce its bond-buying program with the goal of ending it in mid-2014. While investors have expected the Fed to pull back on its stimulus, Bernanke's comments gave the most explicit timeline to markets, causing stocks to tumble on heavy volume. In the days leading up to the Fed announcement, stocks had swung between modest losses and breakeven.
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