By Victor Reklaitis, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks fell on Wednesday after Federal Reserve meeting minutes signaled the central bank was on track to slow down its bond-buying program that has boosted the equity market.

The S&P 500 (SPX) fell 6.50 points, or 0.4%, to finish at 1,781.37, stretching its losing streak to three straight days for its longest downtrend in about eight weeks.

The Dow Jones Industrial Average (DJI) lost 66.21 points, or 0.4%, to close at 15,900.82, after briefly trading as many as 102 points lower.

The Nasdaq Composite (RIXF) shed 10.28 points, or 0.3%, to end at 3,921.27.

The main indexes remain just below milestone levels, such as 1,800 for the S&P 500 and 16,000 for the Dow. Market strategists have said stocks could see profit-taking and back-and-forth action around these big round numbers.

The Fed minutes said many officials at the central bank think it "could decide to slow the pace of purchases at one of its next few meetings." (Read more: Fed weighs slowing bond buys soon http://www.marketwatch.com/story/federal-reserve-weighs-slowing-bond-buys-soon-2013-11-20.).

"Clearly it's pointing to the tapering coming sooner rather than later," said Mark Lehmann, president of JMP Securities. "The inevitable was inevitable, but the inevitable is coming sooner."

Lehmann added that the market has had a strong year and "was ready for a selloff anyway." The S&P 500 is up 24.9% in 2013 to date.

"It was looking for an excuse to pull back, and I think it just got one," he said.

The Commerce Department said Wednesday that retail sales rose by 0.4% last month, beating forecasts for a flat result. The stronger-than-anticipated retail report was the main driver for the market in the morning, said Doug Coté, chief market strategist at ING U.S. Investment Management.

"I would call it a blowout relative to expectations, and that is a good sign that this economy can stand on its own two feet," Coté told MarketWatch.

In other U.S. economic news, the Labor Department said the consumer price index dipped 0.1% in October, roughly matching what economists expected for that inflation gauge. In addition, existing-home sales fell 3.2% last month, just about meeting estimates.

* Today's market-moving news: The Fed minutes indicated officials could reduce their bond buys in the coming months, and that's "consistent with their message all along," said Paul Mangus, head of equity research and strategy at Wells Fargo Private Bank. Regarding the post-minutes slide, Mangus said some market participants might have thought the taper timing was going to be "extended out further than the consensus was expecting." The general consensus has been a March taper, although on Wednesday St. Louis Fed President James Bullard said tapering could come in December.

* The buzz:Marc Faber sees bubbles everywhere in finance, and he thinks Bernanke's presumed successor, Janet Yellen, could make them worse. Also bearish,MarketWatch columnist Jeff Reeves gives five reasons why the next six months will bring a double-digit correction for the S&P 500. On a more encouraging note, Warren Buffett says stocks are "not way overpriced," but they're also "definitely not underpriced."

* Today's movers & shakers: J.C. Penney Co. jumped 8.4% as the department-store chain said it expects comparable sales and gross margin to both improve from a year earlier. Deere & Co. rose 2.1% as the tractors maker posted quarterly profit that topped expectations. Lowe's Cos. fell 6.2% after the home-improvement retailer's quarterly earnings missed forecasts. Read more in the Movers & Shakers column.

* Other markets:Oil futures ended little changed after a volatile session, while gold prices fell sharply. The dollar index rose, while Treasury prices dropped.

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