Stocks closed sharply lower across the board Wednesday, with all key S&P sectors in the red, following a batch of weaker-than-expected earnings and as commodities resumed their selloff amid ongoing worries over global growth.
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The Dow logged its third-straight day of triple-digit moves. All three major averages suffered their sharpest one-day drops this year on Monday, before recovering most of those losses on Tuesday. With the session's declines, stocks are on pace for their biggest weekly losses of 2013.
"Given the weakened technical picture, the market didn't need a significant catalyst for a sharp selloff," wrote Elliot Spar, market strategist at Stifel NIcolaus. "However, just too many things going wrong in short period of time, brings out sellers and selling begets more selling."