Stocks Slammed on Wall Street

Updated from 4:05 p.m. EDT

Stocks in the U.S. closed sharply lower Thursday as weak economic data and ongoing credit concerns overshadowed more positive news on the earnings front, handing the bears a convincing win.

The Dow Jones Industrial Average sank 311.50 points, or 2.26%, to 13,473.57. All but one of the Dow's components finished with losses, led by a 7.1% decline in Alcoa (AA Quote - Cramer on AA - Stock Picks).

The S&P 500 was down 35.43 points, or 2.33%, at 1482.66, and the Nasdaq lost 48.83 points, or 1.84%, to 2599.34.

Still, the finish was well above the worst levels of the day. At one point, the Dow had a decline of more than 400 points, the S&P had shed 50 and the Nasdaq plunged over 80. Despite the tumble, the Dow is up 8.1% for the year, the Nasdaq has gained 7.6%, and the S&P 500 has added 4.5%.

Michael Sheldon, chief market strategist with Spencer Clarke LLC, said it's important for investors to separate the short-term from the long-term picture during a session in which the major averages were getting walloped.

"A number of factors have contributed to this unattractive investment environment, with risk levels on the rise," said Sheldon. "However, the intermediate- to long-term picture remains positive, and this will continue to be the case as long as the U.S. economy avoids recession in the months ahead."

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