The Dow Jones industrial average dropped 140 points, or 0.9%, while the S&P 500 and Nasdaq lost more than 1% each. Earlier in the day, all three indexes were down between 1.5% and 2%.

Bond yields also eased back from earlier levels. The 10-year yield finished the day at 2.56% after rising to a 22-month high of 2.65%.

The stock and bond volatility came as Fed officials tried to quell concerns about the eventual end of the central bank's bond-buying program.

Monday's Close:

Dow -139.84, 14,659.56,  -0.94%
Nasdaq -36.49, 3,320.76,  -1.09%
S&P -19.34, 1,573.09,  -1.21%