Stocks finished near session lows in choppy trading Wednesday, with the Dow and S&P wiping out all of the previous session's gains led by financials, as investors continued to cautiously monitor developments in the European banks.
The Dow Jones Industrial Average tumbled 519.83 points, or 4.62 percent, to finish at 10,719.94, wiping out the previous session's 429-point rally . The blue-chip index has had triple-digit moves in four of the last five trading days.
The Dow has now lost over 2,000 points, or nearly 16 percent, in the last 14 trading sessions (or since the close on Jul. 21). It’s the Dow’s worst 14-day decline since March 2009.
Disney and BofA led the blue-chip decliners.
The S&P 500 lost 51.77 points, or 4.42 percent, to close at 1,120.76.
The Nasdaq dropped 101.47 points, or 4.09 percent, to end at 2,381.05.
Both the S&P and Nasdaq have shed almost 17 percent over the past 13 trading sessions (or since the close on Jul. 13), which is the worst 13-day drop since Mar. 2009 and Nov. 2008, respectively.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared more than 20 percent.
Volume was heavy again with the consolidated tape of the NYSE at 7.91 billion shares, while 2.14 billion shares changed hands on the floor.Page 1 of 5 | Next Page