Investors sweat the Fed: Stocks fall again

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NEW YORK (CNNMoney)

The Dow Jones industrial average and S&P 500 declined for a third day. It appears that statements from Chicago Fed president Charles Evans and Atlanta Fed president Dennis Lockhart on Tuesday about the Fed possibly pulling back on, or tapering, its bond purchases as soon as next month continued to spook investors. The Nasdaq slipped as well.

The prospect of the Fed cutting back on its massive quantitative easing campaign, which has helped push U.S. stocks to record highs, had investors feeling "uneasy," according to Ishaq Siddiqi, a market strategist at ETX Capital in London.

Despite the move lower, U.S. stocks have still gained 18% to 21% so far this year.

Related: Fear & Greed Index languishes in neutral

But investors around the world were selling Wednesday. Japan's Nikkei index declined by 4%. The main indexes in China also dropped.

European markets were lower in morning trading even though he Bank of England said it wouldn't raise interest rates until British unemployment falls to 7% -- which is unlikely to happen for three years.

Related: Bank of America hit with government lawsuits

What's moving: Earnings continue to roll in Wednesday. CNNMoney parent Time Warner (TWX, Fortune 500) raised its guidance and reported a 25% jump in operating income, helped by strong revenue from movie blockbusters like "Man of Steel" and television shows like HBO's "Game of Thrones" and "Girls.

AOL (AOL) reported earnings and sales that beat estimates, and announced plans to acquire Adap.tv for $405 million.

First Solar (FSLR)shares plunged a day after the solar panel maker widely misses analysts' estimates for both profit and revenue. First Solar also trimmed its outlook.

Tesla Motors (TSLA) and Green Mountain Coffee Roasters (GMCR) are due to report results after the close.

First Published: August 7, 2013: 9:50 AM ET

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