Markets are roiled by prospect of Fed exit

Associated Press
Specialists Gregg Maloney, left, and Anthony Matesic confer on the floor of the New York Stock Exchange, Thursday, June 20, 2013. Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year. (AP Photo/Richard Drew)
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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 midday trading and the yield on the 10-year Treasury note rose to the highest point since August 2011. Gold led a rout in commodity prices.

The Dow Jones industrial average was down 209 points, or 1.4 percent, at 14,902 in midday trading Thursday.

The Standard & Poor's 500 index was down 25 points, or 1.5 percent, to 1,603. The Nasdaq composite fell 51 points, or 1.5 percent, to 3,392 points.

The yield on the 10-year Treasury note climbed to 2.41 percent.

Fed Chairman Ben Bernanke said Wednesday the central bank could end its bond purchases by mid-2014.

Global markets also fell.

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