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Updated from 1:31 p.m. EDT

Broad-based selling continued to afflict practically every sector of the market as the weakness in airlines and energy shares spread into defense and basic materials issues, but many groups managed to come off their session lows as a late-day rally swept through the market.

Airlines mostly slid following a brief reprieve Tuesday, but many of the stocks closed above their lows of the day.

AMR

(AMR) - Get Alpha Metallurgical Resources Inc. Report

, the parent of

American Airlines

and

TWA

, fell 1% to $19.81, while

Delta Air Lines

(DAL) - Get Delta Air Lines Inc. Report

rose 0.5% to $23.03.

UAL

(UAL) - Get United Airlines Holdings Inc. Report

, the holding company for

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United Airlines

, dipped 1.8% to $18.65, and

Northwest

(NWAC)

dropped 9.5% to $11.68.

Continental

,

(CAL) - Get Caleres Inc. Report

, which was in positive territory earlier, was back in negative territory, losing 0.7% to $17.59.

US Airways

(U) - Get Unity Software Inc. Report

also reversed the positive trend, slipping 5.3% to $5.50.

Southwest

(LUV) - Get Southwest Airlines Company Report

was up 1.2% to $13.14.

Technology stocks were shaky, but again rebounded from their lows of the session.

Dell

(DELL) - Get Dell Technologies Inc. Class C Report

, was off 3.7%,

Microsoft

(MSFT) - Get Microsoft Corporation Report

, down 1.2%, and

Oracle

(ORCL) - Get Oracle Corporation Report

slipped 1.1%.

Cisco

(CSCO) - Get Cisco Systems Inc. Report

slipped 0.6%, and

Sun Microsystems

(SUNW) - Get Sunworks Inc. Report

dropped 1.4%.

Texas Instruments

(TXN) - Get Texas Instruments Incorporated Report

shed 1.8%, and

Intel

(INTC) - Get Intel Corporation Report

lost 5.4%.

Aerospace and defense companies produced mixed results.

Raytheon

(RTN) - Get Raytheon Company Report

finished ahead 3.7% to $32.72.

Northrop Grumman

(NOC) - Get Northrop Grumman Corporation Report

rose 1.6% to $96.30.

Lockheed Martin

(LMT) - Get Lockheed Martin Corporation Report

continued to slide, falling 3.3% to $43.14.

Brokerage stocks primarily sold off, but pared their losses by the closing bell.

Morgan Stanley

(MWD)

was unchanged, but

Goldman Sachs

(GS) - Get Goldman Sachs Group Inc. (The) Report

rose 0.5% to $67.83.

Merrill Lynch

(MER)

was down 2.1%, while

Lehman Brothers

(LEH)

sank 2.6%.

Charles Schwab

(SCH)

dipped 6.9%.

Bank of America

(BAC) - Get Bank of America Corporation Report

was down 0.1%, while

Citigroup

(C) - Get Citigroup Inc. Report

fell 1.6%, and

American Express

(AXP) - Get American Express Company Report

fell 4.5%.

Insurers were also hurting Wednesday with the group facing up to $30 billion in claims from last week's attacks, according to

Bloomberg

.

ACE

(ACE)

lost 8.2% to $23.87.

American International Group

(AIG) - Get American International Group Inc. Report

lost 0.5%, while

XL Capital

(XL) - Get XL Fleet Corp. Class A Report

dropped 4.7% to $65.37.

Energy companies were broadly lower as the price of oil continued to sink. Oil refiner

Sunoco

(SUN) - Get Sunoco LP representing limited partner interests Report

was off 4.7% to $34.20, while

Royal Dutch Petroleum

(RD)

sank 5.2% to $48.05.

Phillips Petroleum

(P)

slipped 5.1% to $52.84, while

Schlumberger

(SLB) - Get Schlumberger N.V. Report

dipped 7.1% to $44.20.

Texaco

(TX) - Get Ternium S.A. American Depositary Shares (each representing ten shares USD1.00 par value) Report

,

Exxon Mobil

(XOM) - Get Exxon Mobil Corporation Report

,

Kerr-McGee

(KMG)

and

Halliburton

(HAL) - Get Halliburton Company Report

were also lower.

Basic materials stocks, which were mixed earlier, were down across the board in the afternoon.

DuPont

(DD) - Get DuPont de Nemours Inc. Report

and

Westvaco

(W) - Get Wayfair Inc. Class A Report

were in the red. DuPont fell 0.8% to $35.08, while paper products company Westvaco dropped 3.7% to $25.35. Chemical company

Hercules

(HPC)

fell 3.5% to $8.77. Paper products companies such as

Weyerhauser

(WY) - Get Weyerhaeuser Company Report

,

Williamette Industries

(WLL) - Get Whiting Petroleum Corporation (New) Report

were lower, but

Georgia-Pacific

(GP) - Get GreenPower Motor Company Inc. Report

inched up. Steelmakers

Nucor

(NUE) - Get Nucor Corporation Report

and

Allegheny Technologies

(ATI) - Get Allegheny Technologies Incorporated Report

lost ground.

Retailers were mixed.

Wal-Mart

(WMT) - Get Walmart Inc. Report

rose 0.5%, and

Kmart

(K) - Get Kellogg Company Report

climbed 2.8%.

Home Depot

(HD) - Get Home Depot Inc. (The) Report

lost 3.8%.

Apparel retailer

Gap

(GPS) - Get Gap Inc. (The) Report

rose 2.4%, while

Federated Department Stores

undefined

sank 2.6%, to $28.

Sears

(S) - Get SentinelOne Inc. Class A Report

was down 3% to $33.08. Online retailer

Amazon.com

(AMZN) - Get Amazon.com Inc. Report

gained 0.3%, and bookseller

Barnes & Noble

(BKS) - Get Barnes & Noble, Inc. Report

was up 2.2% to $35.60.

In the consumer products arena,

Procter & Gamble

(PG) - Get Procter & Gamble Company (The) Report

rose 0.5%.

Philip Morris

(MO) - Get Altria Group Inc. Report

slipped 0.6%, and

McDonald's

(MCD) - Get McDonald's Corporation Report

gained 1.8%.

Coca-Cola

(KO) - Get Coca-Cola Company (The) Report

tacked on 3 cents to $49.50, and

Gillette

(G) - Get Genpact Limited Report

was down 2.1% to $29.96.

Media stocks, which were trending higher in morning activity, were pushed back, but

AOL Time Warner

(AOL)

was up 1.6% to $30.95, while newspaper publishers

Tribune

(TRB)

and

Knight Ridder

(KRI)

were both down slightly.

Gannett Company

(GCI) - Get Gannett Co. Inc. Report

was off a penny to $60.44.