20.06.201304:27:42UTC+00Australian stocks move back as fed talks slower stimulus

Australian stocks open the Thursday action with a decline, pulling back after Wall Street slid following indication from the U.S. Federal Reserve. The S&P/ASX 200 index plunged 1.4% to 4,795.30, with banking issues, which offer high-yield dividends, rattled as the Australian dollar was kicked under 93 U.S. cents. Shares of Westpac Banking Corp. relinquished 2.4%, and shares of Commonwealth Bank of Australia and Macquarie Group Ltd. backsliding more than 2% each. Mining stocks suffered as prices for gold and other metals drifted back after the Fed's declaration. Fortescue Metals Group Ltd. was off tracked 3.7%, gold miner Newcrest Mining Ltd. shares traded 1.6% lower and BHP Billiton Ltd. retreated 1.8%. The benchmark S&P/ASX 200 was facing its third straight loss.