Wall Street closing

U.S. stocks closed lower Wednesday, as Federal Reserve (Fed) Chairman Ben Bernanke tried to explain when the central bank could end its bond buying program. In U.S. economic news, the Fed left interest rates unchanged and said it would continue with its current bond purchase program - $85 billion in mortgage-backed securities and Treasuries each month - for the foreseeable future. But during his press conference, Bernanke highlighted scenarios in which the central bank would consider tapering. If the economy continues to improve, Bernanke said it would be “appropriate to moderate the monthly pace of purchases later this year,” and end the program by mid-2014. At that point, the Fed expects the unemployment rate would be around 7 percent. But he stressed that scenario would only play out if the economic recovery continues as the central bank expects it to. If it does not, the Fed would adjust its policies. In corporate news, Tesla Motor announced a recall of some of its Model S cars for a non-mechanical defect. FedEx shares edged up after the shipping giant reported quarterly earnings that blew past forecasts, though revenue was roughly in line with estimates. The company is often seen as a bellwether for the global economy given the nature of its delivery business and its international footprint. Adobe shares jumped after the software company reported quarterly earnings that beat expectations. Dish Networks dropped its pursuit of Sprint, clearing the way for Japan’s SoftBank to continue with its offer. Dish said it would instead focus on its tender offer for Clearwire. Shares of Men’s Wearhouse slid after the clothing retailer “terminated” executive chairman George Zimmer. The dollar rose against the euro, the pound, and the yen. Light sweet crude oil for July delivery dropped 20 cents to $98.24 a barrel on the New York Mercantile Exchange. Gold futures climbed $7.10 to $1,374.00 an ounce. The Dow Jones industrial average lost 206.04, or 1.35 percent, to 15,112.19. The broader Standard & Poor’s 500 index dropped 22.88, or 1.39 percent, to 1,628.93. The technology-heavy Nasdaq composite index fell 38.98, or 1.12 percent, to 3,443.20