Traders work on the floor of the New York Stock Exchange
© Brendan Mcdermid / Reuters
Traders work on the floor of the New York Stock Exchange January 24, 2014. REUTERS/Brendan McDermid
updated 1/29/2014 2:16:54 PM ET 2014-01-29T19:16:54

NEW YORK (Reuters) - The major U.S. stock indexes initially pared losses and then extended their declines on Wednesday after the Federal Reserve announced a further reduction in its monthly bond purchases, as expected.

The Dow Jones industrial average <.DJI> fell 157.60 points or 0.99 percent, to 15,770.96. The S&P 500 <.SPX> lost 14.69 points or 0.82 percent, to 1,777.81. The Nasdaq Composite <.IXIC> dropped 34.43 points or 0.84 percent, to 4,063.533.

(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)

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