Stocks ended sharply lower as Fed chairman Ben Bernanke indicated that, yes, there may be an end to the central bank's $85 billion a month bond-buying program by 2014. Bernanke said that, if the economy continues to improve, the quantitative easing program could begin to wind down toward the end of this year and wrap up for good in 2014.
As equities tanked, bonds did the same, with the yield on the 10-year note, which is tied to mortgage rates, hitting a two-year high.
On the upside, FedEx (FDX) rose more than 1% for the day after delivering its quarterly earnings. The shipping giant posted profits of $2.13 a share when estimates were for $1.96. Revenues were in line with expectations. The company says it's still struggling from tepid economic growth. As a result it will cut capacity between the U.S. and Asia. There are also plans to adjust to increasing demand for cheaper ground delivery as opposed to pricier air transport options.
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