The Dow Jones Industrial Average fell 164.62 points, or 0.48 percent, to 33,896.04. The 30-stock index slumped 586 points at its session low. The S&P 500 dropped 12.15 points, or 0.29 percent, to close at 4,115.68. The Nasdaq Composite Index decreased 3.90 points, or 0.03 percent, to 13,299.74.
Nine of the 11 primary S&P 500 sectors ended in red, with energy down 2.53 percent, leading the laggards. The technology and communication services groups eked out modest gains.
U.S.-listed Chinese companies traded mostly higher with seven of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
Investors digested minutes from the Federal Reserve's most recent policy meeting.
Some U.S. Federal Reserve officials signaled that they would be open to start discussing tapering the central bank's asset purchase program at upcoming meetings, according to the minutes of the Fed's recent policy meeting released Wednesday.
"A number of participants suggested that if the economy continued to make rapid progress toward the Committee's goals, it might be appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases," the Fed said in the minutes of its April 27-28 meeting, referring to the Fed's policy-making committee.
The Fed has pledged to keep its benchmark interest rates unchanged at the record-low level of near zero, while continuing its asset purchase program at least at the current pace of 120 billion U.S. dollars per month until the economic recovery makes "substantial further progress."
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