Wall Street sells off after Fed sticks with stimulus cuts

U.S. stocks dropped more than 1 percent on Wednesday, hitting session lows after the Federal Reserve stuck with its plan to scale back stimulus even in the midst of emerging market turmoil. With the day's decline, the S&P 500 is down 4 percent for the month - its worst monthly loss since May 2012. Some investors have been bracing for a correction, given the S&P 500's gain of 30 percent last year. Trading was volatile after the Fed's move, which further reduces its monthly bond purchases by $10 billion a month.

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