The S&P 500 was off 1.50% to 1,604.45 in afternoon trading Thursday as stocks fell after Federal Reserve Chairman Ben Bernanke said the Fed could wind down its monthly bond-buying program later this year.
The Dow Jones industrial average slipped 1.38% to 14,903, while the Nasdaq fell 1.50% to 3,391.43.
The yield on a 10-year Treasury bond rose 4.41% to 2.41%.
The price of gold slumped 6.09% to $1,290.30 per ounce.
Irvine-based disk drive maker Western Digital Corp. was down about 4% to $61.24 for a market value of $14.48 billion. Rival Cupertino-based Seagate Technology LLC was down about 3% to $42.97 for a market value of $15.41 billion.
Homebuilders were generally down on Thursday following the Fed’s announcement on the bond-buying program, which had helped to keep mortgage rates low.
Irvine-based Standard Pacific Corp. was down about 6% to $8.38 for a market value of $2.9 billion.
Irvine-based TRI Pointe Homes Inc. was off about 3% to $15.97 for a market value of $504.60 million
REITs were generally down on Thursday. Shares of Irvine-based Sabra Health Care REIT Inc. slipped about 6% to $24.87. Sabra had a recent market value of $928.47 million.
Action sports-retailers were generally down on Thursday led by shares of Anaheim-based action-sports retailer Pacific Sunwear of California Inc. off about 6% to $3.08. Pacific Sunwear had a recent market value of $210.62 million.
Lynnwood, Wash.-based Zumiez Inc., a direct competitor to Pacific Sunwear, was off about 4% to $27.79. Zumiez had a recent market value of $838.56 million,