Chevron, Bank of America: Dow Movers
NEW YORK (
) -- U.S. stocks dropped Wednesday amid deepening worries about
.
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
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,
Bank of America
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,
Caterpillar
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and
Chevron
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.
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
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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
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. The stock ticked up 4 cents, or 0.15%, to $26.13.
--
Written by Alexandra Zendrian in New York
.
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