Stocks fell Wednesday as major benchmark indexes hit new 2014 closing lows after the Federal Reserve announced plans to cut its monthly bond purchases by an additional $10 billion a month. The Dow Jones industrial average dropped 190 points, or 1.2%, to 15,738.79. The Dow already had slipped 125 points before the Fed's announcement. The Standard & Poor's 500 index dropped 18 points, or 1% to 1,774.20, while the Nasdaq composite fell 47 points, or 1.1% to 4,051.43. The market is in a corrective phase so far this year after rising 30% in 2013. Wall Street is feeling pressure from struggling emerging markets, with Turkey and South Africa moving to hike interest rates in an effort to shore up their weakening currencies.
