NEW YORK (

TheStreet

) -- U.S. stocks dropped Wednesday amid deepening worries about

Europe's debt troubles

.

The

Dow Jones Industrial Average

fell 160.83 points, or 1.28%, to close at 12,419.86. The

S&P 500

dropped 19.1 points to 1313.32 and the

Nasdaq Composite

lost 33.63 points to 2837.36.

Breadth within the Dow was negative with 29 of the 30 components posting losses.

The biggest decliners in the index Wednesday were

Alcoa

(AA) - Get Report

,

Bank of America

(BAC) - Get Report

,

Caterpillar

(CAT) - Get Report

and

Chevron

(CVX) - Get Report

.

Shares of Chevron fell 2.6% to $97.63. The energy company held its annual shareholder meeting Wednesday and activists from a group called True Cost of Chevron Network planned on rallying with the goal of urging Chevron to change certain policies, according to

The San Francisco Chronicle

.

Chevron's stock has declined 8.24% year to date.

Caterpillar shares lost 2.53% to $90.18. On Wednesday, the construction and mining company agreed to sell its

Bucyrus equipment line in South Africa and Botswana

for $115 million to Barloworld. The heavy machinery maker is also dealing with a strike among workers at a plant in Joliet, Ill.

Caterpillar's stock ticked down 42 cents, or 0.46%, year to date.

Shares of Alcoa dropped 3.49% to $8.58. The stock has ticked down 7 cents, or 0.81%, year to date.

Bank of America shares lost 3.1% to $7.20. Bernstein Research said Wednesday that big banks such as B of A and

JPMorgan Chase

(JPM) - Get Report

are

losing market share to their smaller counterparts

.

The bank's stock has risen 29.5% year to date.

The only blue-chip stock finished higher was

Intel

(INTC) - Get Report

. The stock ticked up 4 cents, or 0.15%, to $26.13.

--

Written by Alexandra Zendrian in New York

.

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Alexandra Zendrian

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.