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Stocks, bonds roiled again by Fed's exit plans

In this Monday, June 10, 2013 photo, Michael Iozzi, left, works with fellow traders on the floor of the New York Stock Exchange. World stock markets fell sharply Thursday June 20, 2013 after the U.S. Federal Reserve said it could start scaling back its huge economic stimulus program later this year and a survey showed a slowdown in manufacturing in China. (AP Photo/Richard Drew)

NEW YORK (AP) -- Financial markets are sliding after the Federal Reserve said it could end its huge bond-buying program by the middle of next year.

U.S. stocks fell sharply in early trading and the yield on the 10-year Treasury note rose to the highest point since October 2011. Gold led a rout in commodity prices and the dollar rose.

The Dow Jones industrial average was down 140 points, or 0.9 percent, to 14,972 in the first few minutes of trading.

The Standard & Poor's 500 index was down 15 points, or 0.9 percent, to 1,613. The Nasdaq composite fell 32 points, or 1 percent, to 3,410 points.

Markets also fell sharply in Europe. Germany's benchmark index was down 2.6 percent, France's fell 2.7 percent.