Stocks Ends Sharply Lower, Dow Drops 200

U.S. stocks fell 1 percent in a volatile session on Wednesday, with losses accelerating after Federal Reserve Chairman Ben Bernanke said the central bank could begin to scale back its stimulus measures later this year. The Dow Jones Industrial Average fell 206.04 points, or 1.35%, at 15,112.19. The S&P 500 index lost 22.88 points, or 1.39%, to 1,628.93. The Nasdaq Composite declined 38.98 points, or 1.12%, to 3,443.20.

Federal Reserve Chairman Ben Bernanke said on Wednesday that the central bank may start to scale back its asset purchases later this year if the economy continues to strengthen as the central bank expects.

Tesla Motors TSLA +1.25% said Wednesday that it is recalling about 800 of its Model S vehicles that are
currently in the field due to concerns over a mounting bracket that holds the left-hand back seat in place.

Four of the five largest mortgage servicers are failing to comply with key aspects of a national settlement
designed to improve how struggling borrowers are treated, a report released Wednesday shows.