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Stocks Log Worst Drop in a Month, S&P Below 1400
04 Apr 2012 EDT - CNBC.com
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Stocks clawed back from earlier losses Wednesday, but still ended in negative territory for a second day, fueled by disappointment over the Fed's latest minutes and ongoing worries over the euro zone.

The Dow and the S&P logged their biggest decline since March 6, while the Nasdaq suffered its worst day of the year.

The Dow Jones Industrial Average recovered from its 179-point drop, but still erased 124.80 points, or 0.95 percent, to close at 13,074.75. BofA and Alcoa led the blue-chip laggards.

The S&P 500 tumbled 14.42 points, or 1.02 percent, to end at 1,398.96. The Nasdaq fell 45.48 points, or 1.46 percent, to end at 3,068.09.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 16.

Most S&P sectors closed in negative territory, led by techs and materials. Telecoms eked out a gain.

“This feels like a big [turning point] for the market,” said Ira Epstein of Linn Group. “Everyone thought they missed the boat, so we’re getting that first major break and [they’re] often sharp.”

Epstein advised investors to “hold back” to see how deep the pullback can go.

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