Wall Street shares drop as Fed scales back

U.S. shares closed lower on Wednesday trading session with the benchmark stock indexes reaching the session low after falling by more than 1% as the U.S. Federal Reserve trimmed its bond purchases despite the fact that emerging markets are struggling. The Dow Jones industrial average lost 1.19% to 15,738.79, the Standard & Poor's 500 Index fell 1.02% to 1,774.20 and the Nasdaq Composite Index slipped 1.14% to 4,051.43.