S&P 500 closes 0.9% lower; Dow falls 0.7%

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U.S. stocks end lower as rally withers, succumbs to selling in financials, technology shares

U.S. stocks finished lower Wednesday, erasing a rally as a drop in technology stocks and financials more than offset an advance in the energy sector. The Dow Jones Industrial Average finished down 165 points, or 0.7%, at 24,117, the S&P 500 index finished down 0.9% at 2,699, falling below a psychological significant level at 2,700. The broad-market benchmark gathered losses throughout the day as financials closed sharply lower, and technology shares extended a recent downtrend headed to the end of the quarter and the first half of 2018. The technology-laden Nasdaq Composite Index closed down 1.5% at 7,445. Technology sharers have been at the heart of the trade battle lately and financials have suffered from a protracted period of low rates. Markets had attempted to stage a rebound after the White House said that it would use policy instead of turning to executive orders to curb Chinese investments in U.S. technology companies. The announcement early Wednesday suggested a less-stringent tacked than had originally been anticipated by President Donald Trump. The news underscore a back-and-forth battle over trade imbalances between China and the U.S., which has rattled investor sentiment. Meanwhile, the energy sector was the one bright spot, powered higher as crude-oil futures extended their recent uptrend.

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