NEW YORK (AP) — Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year.
U.S. stocks fell sharply in early trading and the yield on the 10-year Treasury note rose to the highest point since October 2011. Gold led a rout in commodity prices and the dollar rose.
The Dow Jones industrial average was down 140 points, or 0.9 percent, to 14,972 in the first few minutes of trading.
The Standard & Poor's 500 index was down 15 points, or 0.9 percent, to 1,613. The Nasdaq composite fell 32 points, or 1 percent, to 3,410 points.
Markets also fell sharply in Europe. Germany's benchmark index was down 2.6 percent, France's fell 2.7 percent.