GLOBAL MARKETS-Stocks slide, yields jump as Fed projects earlier rate hikes

The Dow Jones Industrial Average fell 265.66 points, or 0.77%, to 34, 033.67, the S&P 500 lost 22.89 points, or 0.54%, to 4, 223.7 and the Nasdaq Composite dropped 33.17 points, or 0.24%, to 14, 039.68. Only two of the S&P's 11 main sector indexes ended in positive territory: consumer discretionary and retail.

WASHINGTON: Markets were jostled Wednesday after U.S. Federal Reserve officials projected interest rate hikes sooner than expected, with stocks sliding and the dollar jumping on the news.

All three major U.S. indices fell following the afternoon announcement, as investors digested the possibility that interest rates could begin climbing sooner as Fed officials cited an improved economic outlook.