NEW YORK -- Stocks suffered a miserable day with the Dow Jones industrial average closing down more than 350 points Thursday, closing at 14,760.
The numbers make it the worst trading day so far this year. The drop comes a day after Federal Reserve Chairman Ben Bernanke said the central bank would scale back its economic stimulus program later this year.
The Standard & Poor's 500 index dropped 40 points to 1,588. The NASDAQ composite fell 78 points to 3,364. The price of gold dropped and bond yields rose sharply.
Stocks fell across the board. Twenty stocks fell for every one that rose on the New York Stock Exchange. Trading was very heavy at 4.8 billion shares.
The Dow has lost 560 points in the past two days, wiping out its gains from May and June.
(The Associated Press contributed to this report)