NEW YORK -- Stocks fell sharply after the Federal Reserve's statement and Chairman Ben Bernanke's news conference Wednesday, with major U.S. indexes losing more than 1%.
The Dow Jones industrial average tumbled 206.04 points, or 1.35%, to 15,112.19 at the closing bell on Wall Street.
The broader Standard & Poor's 500 index shed 22.88 points, or 1.39%, or 1,628.93.
The tech-heavy Nasdaq lost 38.98 points, or 1.12%, to 3,443.20.
Bernanke reiterated the Fed's position that it would continue its monetary stimulus programs until the economy meets certain inflation and employment thresholds.
“He didn’t give us any time frame,” said Alan Whitman, managing director of Morgan Stanley Wealth Management in Pasadena. “I don’t necessarily see this as something that’s going to be occurring quickly."