Updated from 2:00 p.m. EDTStocks in New York were taking a pounding Wednesday, as corporate earnings again took center stage and concerns of a global slowdown increased. The Dow Jones Industrial Average dropped 453 points to 8580, and the S&P 500 was down 54.5 points to 900. The Nasdaq stumbled 80 points to 1616. Investors are having difficulty finding sectors that will lead a new rally, wrote Robert Pavlik, chief investment officer at Oaktree Asset Management. He wrote that as traders remain on the sidelines trying to find winners, volume has fallen substantially, causing an increase in volatility. "Because of this uncertainty, it brings into question whether or not we go back and retest the lows of October 10," he wrote. In an interview, Pavlik said that fund liquidation could also be responsible for the continued decline in stocks, commodities and other liquid investments that might otherwise be holding up. He said that as the market continues to pull back, fund managers have to raise cash as they face margin calls. "It's very hard to gauge when the bottom will come from all this." Peter Cardillo, chief market economist at Avalon Partners, said earnings have been mixed, but forward guidance is weighing on investor sentiment. "I think it's just one more excuse in a bear market," he said. Cardillo said that stocks need a new catalyst to turn sentiment. Investors may take heart if the settlement of credit-default swaps tied to bankrupt brokerage Lehman Brothers are settled without major defaults. "Obviously this market is way oversold. All we're seeing here is a market that continues to feel the weight of uncertainty."