Wall Street stocks dropped Wednesday after Federal Reserve Chair Janet Yellen said the US central bank could lift interest rates in December.

At the closing bell, the Dow Jones Industrial Average stood at 17,871.05, down 47.10 points (0.26 percent).

The broad-based S&P 500 fell 7.24 (0.34 percent) to 2,102.55, while the tech-rich Nasdaq Composite Index lost 2.55 (0.05 percent) at 5,142.58.

Yellen, speaking in a congressional hearing, said a December rate hike was "live possibility" if data continues to show solid economic growth.

The remarks came two days before the US Labor Department releases a much-anticipated jobs report for October.