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News » Money
Jun 19, 4:08 PM EDT

Stocks slide and bond yields rise after Bernanke says Fed could slow its bond purchases

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US stock futures sliding after Fed provides more clarity about plans for bond-buying program

News Summary: Stocks slide, yields rise after Fed says it could slow bond purchases this year

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Red Hat 1st-quarter profit grows 8 pct on subscription revenue gains; shares rise after hours
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News Summary: DuPont expects to reach low end of annual guidance, citing wet spring weather
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Are Stocks Bouncing Back?

NEW YORK (AP) -- Stocks are closing sharply lower and bond yields are rising after Fed Chairman Ben Bernanke said the central bank could slow its massive bond purchases this year.

The Dow Jones industrial average dropped 206 points, or 1.4 percent, to 15,112. It was the Dow's seventh straight move of 100 points or more.

The Standard & Poor's 500 fell 22, or 1.4 percent, to 1,628. High-dividend stocks like telecommunications and utilities stocks fell the most.

The Nasdaq fell 39 points, or 1.1 percent, to 3,443.

The yield on the 10-year Treasury note jumped to 2.34 percent, the highest since March 2012. The yield started the day at 2.21 percent.

Five stocks fell for every one that rose on the New York Stock Exchange. Volume was average at 3.4 billion shares.

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