Stock Market Drops over Possible Fed Pullback

Dow down 2 percent

Stocks plunged further on Wall Street Thursday as investors continue to react to the Federal Reserve signaling that it may pull back as early as later this year on its massive bond-buying program that has helped fuel the economy and stock market.

As of 2:45 p.m. ET, the bropader Standard & Poor's 500 was off 2.2% and below the psychologically significant 1,600 mark and the Dow Jones industrial average is in the midst of its biggest one-day point drop since Nov. 7, the day after President Obama was reelected.

The Dow was down 2%, or 296 points. The tech-laden Nasdaq composite index was down 2.1%, or about 71 points, to 3,372.