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U.S. Stocks Drop as Fed’s Yellen Outlines Stimulus Exit

U.S. stocks fell for the first time in three days as Federal Reserve Chair Janet Yellen said the central bank’s stimulus program could end this fall and benchmark interest rates could rise six months later.

Walt Disney Co., General Electric Co. and Boeing Co. lost at least 1.4 percent to lead the Dow Jones Industrial Average lower. Consolidated Edison Inc. led utilities to the biggest decline among 10 groups in the Standard & Poor’s 500 Index. Newmont Mining Corp. lost 3 percent as gold tumbled the most in six weeks after the Fed’s decision to reduce asset purchases.