Stocks in the U.S. and Europe fell amid concern that the Fed may begin tapering current stimulus measures as the domestic economy picks up, with the S&P 500 and Euro Stoxx 50 down -0.7% and -1.74% respectively. All of the sectors of the S&P 500 declined, led down by telecoms strangely enough; telecoms are usually high dividend names that are considered safe- they typically outperform the overall market during risk-off trading. VIX cash opened above 15, but faded throughout the day to close up +0.38 to 14.86. Stocks moved off of the lows of the day after comments from the Fed’s Eric Rosengren, dove, stating that the Fed should press on with current record stimulus measures to speed economic growth. Although the labor market is improving, “significant accommodation remains appropriate at this time,” Rosengren said today in a speech in Minneapolis. “If the incoming economic data do not reflect improvements consistent with both elements of our dual mandate, I believe the Fed should be willing to increase asset purchases,” he said. The dollar index declined -0.6% on the day and the euro advanced, while gold climbed +1% to $1,394 per ounce. Crude oil tumbled nearly -2% to $93.2 and copper futures fell -0.45%.