U.S. stocks dropped as Yellen suggests possible rate hike

U.S. stocks dropped on Wednesday following comments from Federal Reserve Chair Janet Yellen which raised the possibility of an earlier than expected increase in interest rates.

The Fed reported earlier it was keeping interest rates unchanged and reduced the amount of bonds it buys in the open market each month to $55 billion from $65 billion.

The Dow Jones industrial average dropped 114.02 points or 0.70%, to close at 16,222.17. The S&P 500 dropped 11.48 points or 0.61%, to close at 1,860.77. The NASDAQ Composite dropped 25.711 points or 0.59%, to close at 4,307.602.

Among top Dow Jones Industrial Average performers were UnitedHealth, up 2.51%, Intel, up 0.79%, and JPMorgan, up 0.44%.

Among the Dow Jones Industrial Average’s worst performers were Walt Disney, down 1.80%, Boeing, down 1.45%, and General Electric, down 1.42%.

At the close of European trade, the EURO STOXX 50 dropped 0.13%, France’s CAC 40 dropped 0.12%, while Germany’s DAX 30 rose 0.37%. In the U.K., the FTSE 100 dropped 0.49%.

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