Stocks tumble as bond market challenges Warsh's tough talk

U.S. stocks slid Wednesday, with the Dow down more than 840 points after the Federal Reserve voted 9–3 to hold rates steady. In Treasurys, the 30-year yield jumped 9 basis points to 5.19%, near the two-decade high set in May. Fed Governor Kevin Warsh said the central bank "will not hesitate to act." Bond investors responded by selling, a sign that markets want concrete action. DoubleLine's Jeffrey Gundlach said so-called bond vigilantes won't buy the Fed's message without a rate hike to back it up.