(MENAFN- AFP) US stocks fell Wednesday after minutes from the last Federal Reserve policy meeting said the central bank could scale back its stimulus program "in coming months."
The Dow Jones Industrial Average lost 66.21 (0.41 percent) at 15,900.82.
The broad-based S&P 500 fell 6.50 (0.36 percent) to 1,781.37, while the tech-rich Nasdaq Composite Index declined 10.28 (0.26 percent) to 3,921.27.
All three indices traded in positive territory for most of the day before turning negative following the release of the minutes of the Fed's October 29-30 policy meeting, which suggested its $85 billion a month in asset purchases could soon be reduced.
Participants expected "ongoing improvement in labor market conditions" that would "thus warrant trimming the pace of purchases in coming months," the minutes said.
The minutes reiterated that any such move was contingent on better economic data.
Tobacco manufacturer Philip Morris fell 2.4 percent after forecasting total international cigarette industry volume would decline 3.0 percent in 2013 and an additional 2-3 percent in 2014, with a 7-8 percent drop in the EU region.
Agriculture equipment company Deere jumped 2.1 percent after results bested expectations by a wide margin. Per-share earnings came in at $2.11 compared with the $1.89 expected by analysts. The company pointed to major new factories added in Brazil, China and other emerging markets.
Dow component Boeing fell 3.3 percent after Oppenheimer downgraded the stock, citing a lack of near-term catalysts for further gains following a steep rise over the last 12 months, according to theStreet.com.
Caterpillar, another Dow component, lost 1.2 percent after reporting that retail machinery sales fell 12 percent in October compared with the year-ago period.
Home-improvement retailer Lowe's tumbled 6.2 percent after earnings came in a penny shy of expectations at 47 cents per share. The company boosted its full-year profit forecast to $2.15 per share from $2.10, but that was still lower than the $2.19 expected by analysts.
Department store chain J.C. Penney vaulted 8.4 percent after the company forecast improving comparable store sales and gross margins in the fourth quarter. The struggling retailer lost $489 million in the third quarter.
Bond prices fell. The yield on the 10-year US Treasury jumped to 2.79 percent from 2.71 percent Tuesday, while the 30-year increased to 3.90 percent from 3.80 percent. Bond prices and yields move inversely.
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