Futures slump in wake of Fed statement

Associated Press
In this Monday, June 10, 2013 photo, Michael Iozzi, left, works with fellow traders on the floor of the New York Stock Exchange. World stock markets fell sharply Thursday June 20, 2013 after the U.S. Federal Reserve said it could start scaling back its huge economic stimulus program later this year and a survey showed a slowdown in manufacturing in China. (AP Photo/Richard Drew)
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NEW YORK (AP) — Stock futures are sliding in the wake of comments by the chairman of the Federal Reserve, who said that the U.S. would pull back on the massive bond-buying program that for months has propped up markets at home and abroad.

Dow Jones industrial futures are down 95 points to 14,952. S&P futures have lost 11.7 points to 1,612. Nasdaq futures down 24.25 points to 2,932.

Markets have been seeking clarity for some time and Fed Chairman Ben Bernanke provided it Wednesday, saying that the government would slow its bond-buying program later this year and, if the economy continues to improve, end it by 2014.

The 10-year bond is hitting a 15-month high and the dollar is jumping against foreign currencies.

Housing and jobs data will be released Thursday.

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