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NEW YORK (TheStreet) -- Major U.S. stock markets turned sharply lower on Wednesday despite the Federal Reserve saying it will maintain its current stimulus program of buying $85 billion per month to help sustain the country's economic recovery.

The Fed's Federal Open Market Committee voted to maintain its current policy by a vote of 10 in favor and 2 against but outlined criteria which will determine when the bank begins to reduce the size and scope of its bond buying program.

The S&P 500 tumbled 1.39% to 1,628.93 while the Dow Jones Industrial Average fell 1.34% to 15,112.27. The Nasdaq dropped 1.12% to 3,443.20.

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