Stocks fell for a third consecutive session Wednesday, resulting in the first 3-day drop in the Dow Jones industrial average this year.

Markets have been volatile as of late as investors are increasingly worried about when the Federal Reserve and other central banks will begin pulling back from their economic stimulus policies.

The Dow fell 127 points, or 0.8%, to 14,995, according to preliminary calculations. The Standard & Poor’s 500 index dropped 13 points, or 0.8% to 1,163, and the Nasdaq composite index fell 37, or 1.1% to 3,400.

The Dow has fallen more than 300 points since the start of the week. The S&P has given up 30 points. The last 3-session Dow drop was at the end of 2012 when it suffered a 5-day down streak from December 21-28.

Stocks tumbled in a global sell-off Tuesday as renewed concerns about central banks easing off their efforts to support the global economy weighed on markets worldwide. The Dow fell 0.8% to 15,120.86, the S&P 500 dropped 1.0% to 1,626.15 and the Nasdaq composite index declined 1.1% to 3,436.95.

TUESDAY: Volatile stocks tumble in global sell-off

WHAT TO WATCH: Despite bond losses, ‘Great Rotation’ still on hold

With no major economic news or corporate earnings coming out, traders focused on when and by how much central banks will pull back.

“There’s nothing concrete out there to turn us around today,” Russell Croft, co-portfolio manager at the Croft Value Fund in Baltimore. “So naturally enough, people are back to thinking about the Fed.”

The yield on the 10-year Treasury note edged up to 2.23% from 2.18% late Tuesday.

Oil prices rose above $96 a barrel before pulling back. Benchmark crude for July delivery rose 47 cents to $95.85 per barrel in electronic trading on the New York Mercantile Exchange. In the prior session, the contract fell 39 cents to settle at $95.38.

Asian stocks fell for a second day Wednesday amid concern about a lack of new Japanese moves to calm bond markets and uncertainty about the outlook for U.S. monetary policy. Tokyo’s Nikkei 225, the regional heavyweight, shed 28.30, or 0.2%, to 13,289.32.

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