The sell-off extended Tuesday's losses, getting the second quarter off to a rough start after a stellar beginning to the year. On Wednesday, a poor Spanish debt auction rekindled concerns about the health of the eurozone, adding to Wall Street's worries after the minutes of the latest Fed meeting, released on Tuesday, put a dent in expectations the central bank had another round of quantitative easing up its sleeve. The Dow Jones Industrial Average dropped 125 points, or 1%, to close at 13,075. The blue-chip index ranged as low as 13,021 earlier in the session. Breadth within the Dow was overwhelmingly negative with 26 of the index's 30 components finishing lower. The biggest percentage losers among the blue chips were Alcoa ( AA), Bank of America ( BAC), Cisco ( CSCO), JPMorgan Chase ( JPM) and Microsoft ( MSFT); all of which lost at least 2%. AT&T ( T), Caterpillar ( CAT), Merck ( MRK) and Procter & Gamble ( PG) were the only blue-chip stocks that finished in the green. The S&P 500 shed 14.4 points, or 1%, to finish at 1399, closing below 1400 for the first time since March 23. The Nasdaq took the worst hit of all, sinking 45.4 points, or 1.5%, to settle at 3068.
NEW YORK (TheStreet) -- U.S. stocks were stomped Wednesday, weighed down by diminished hopes for additional stimulus from the Federal Reserve and the prospect of more debt problems surfacing in Europe.
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