Stock Market Takes A Dive
The market closed at 14,758.32, down 2.3%, or 353.87 points, USA Today reported.
According to Reuters:
The Fed's bond-buying program, known as quantitative easing, has lifted both the U.S. economy and world financial markets by pushing interest rates to historic lows.
But comments by Fed Chairman Ben Bernanke on Wednesday, when he laid out a likely end to the program by next year if the economy strengthens further, brought a dose of finality to the markets.
In a move some found unexpected, Bernanke announced that an improving economy may lead to a tapering off of buybacks.
Read "The financial market freakout, in five charts" at The Washington Post.
Read "Tinker, taper: The Federal Reserve tries to clarify its goals" at the Economist.
Read "Two views of Federal Reserve policy" at Forbes.