Walt Disney Co., General Electric Co. and Boeing Co. lost at least 1.4 percent to lead the Dow Jones Industrial Average lower. Consolidated Edison Inc. led utilities to the biggest decline among 10 groups in the Standard & Poor?s 500 Index.

Newmont Mining Corp. lost 3 percent as gold tumbled the most in six weeks after the Fed?s decision to reduce asset purchases.

        The S& P 500 slipped 0.6 percent to 1,860.77 at 4 p.m. in New York. The Dow slid 114.02 points, or 0.7 percent, to 16,222.17. About 6.7 billion shares changed hands in the U.S., in line with the three-month average.

        ?The pace of tightening, once the Fed starts tightening, is a little bit faster than thought before and I think that?s why we?re getting this market reaction,? John Canally, an economic strategist at LPL Financial Corp., said in a phone interview from Boston. His firm oversees about $438.4 billion.

?Being reminded that the Fed will eventually raise rates is getting traders? attention.?

        By keeping its benchmark interest-rate target near zero and conducting three rounds of asset purchases, the Fed has helped push the S& P 500 up as much as 178 percent from a 12-year low as U.S. equities enter the sixth year of a bull market that started in March 2009.

                                                  Higher Rates

        Stocks turned lower today as the Fed?s statement said officials predicted their target interest rate would be 1 percent at the end of 2015 and 2.25 percent a year later, higher than previously forecast, as they upgraded projections for gains in the labor market. The central bank said it would trim its monthly bond purchases by $10 billion, to $55 billion.

        Most Federal Open Market Committee participants reiterated their view that the Fed will refrain from raising the benchmark interest rate until 2015. The median rate among 16 Fed officials rose from December, when they estimated the rate at the end of next year at 0.75 percent, and 1.75 percent for the end of 2016.

The central bank said it will look at a wide range of data in determining when to raise its rate, dropping a pledge tying borrowing costs to a 6.5 percent unemployment rate.

        Benchmark indexes extended losses as Yellen said the quantitative easing program would end this fall if the Fed continues to taper purchases in measured steps. She sees a ?considerable time? between the end of the stimulus and the first rate increase, meaning  ?six months or that type of thing,? she said at her first press conference following a Fed decision.

Investors weren't too thrilled by what they heard from Janet Yellen during her first meeting in charge of the Fed.

• The Fed doesn't care about the unemployment rate anymore

World Markets

North and South American Indexes

	Index	Country	Change	% Change	Level	Last Update
	Dow Jones Industrial Average	United States	-114.02	-0.70%	16,222.17	4:30pm ET
	S& P 500 Index	United States	-11.48	-0.61%	1,860.77	4:30pm ET
	Brazil Bovespa Stock Index	Brazil	+416.27	+0.90%	46,567.23	7:01pm ET
	Canada S& P/TSX 60	Canada	-2.37	-0.29%	821.92	4:36pm ET
	Santiago Index IPSA	Chile	-29.29	-0.95%	3,065.21	4:25pm ET
	IPC	Mexico	-2.75	-0.01%	38,811.94	6:06pm ET