Fretting Over Fed Slams Stocks

Updated from 4:05 p.m. EST

The Fed made a subtle change in language and the market changed direction in a dramatic way.

Stocks closed sharply lower after the Federal Reserve altered its monetary policy statement by dropping the now-famous promise to keep interest rates low for a "considerable period," as traders anticipated a gradual shift toward a tightening mode..

The Dow lost 141.55 points, or 1.3%, to 10,468.37 and the S&P 500 dropped 15.57 points, or 1.4%, to 1128.48, their biggest single-day point losses since September 24 . The Nasdaq plunged 38.67 points, or 1.8%, to 2077.37, its worst decline since December 9. ...