NEW YORK ( TheStreet) -- Stocks were driven lower again Wednesday by persistent worries about the stability of Spain's banking system and Greece's future in the eurozone.
The deepest losses came early in the volatile session but a rebound off the lows that allowed the Nasdaq to briefly break into positive territory ran out of steam. The bounce was fueled by indications that eurozone officials still plan to release Greece's next round of bailout money this week, a move that will alleviate some near-term pressure on the country while its government is still in transition following this weekend's elections.
The Dow Jones Industrial Average shed 97 points, or 0.7%, to close at 12,835, closing in the red for a sixth-straight session, its longest losing streak since August.
The blue-chip index, which ran as low as 12,748 on Wednesday, has now dropped 3.4%, or 444 points, over this negative stretch. Year-to-date, the Dow is still up 5.1%.The S&P 500 fell 9 points, or 0.7%, to finish at 1355. The index has fallen in five of the past six sessions but remains up 7.7% in 2012. The session low was 1343. The Nasdaq declined 12 points, or 0.4%, at 2935. As it did on Tuesday, the index started to bounce when it hit 2900. Year-to-date, the Nasdaq has gained 13.7%, but it's pulled back 6.4% since hitting its near-term high of 3134 on March 27.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV