NEW YORK: Stocks dropped 1% on Wednesday, extending a recent selloff, as investors grappled with concerns that the Federal Reserve may begin to scale back its bond-buying stimulus while the economy is still sluggish.
Selling was broad-based, with all but two of the S&P sectors down more than 1%. The materials index <.SPLRCM> fell 2.1% as the day's worst performer. Decliners outpaced advancers on the New York Stock Exchange by more than 4 to 1.
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