Investing.com - U.S. shares snapped a five day advance on Wednesday on increased euro zone fears triggered by the European Central Bank's expanded balance sheet.
At the close of U.S. trade, the Dow Jones Industrial Average fell 1.14%, the S&P 500 dropped by 1.24% and the Nasdaq Composite index gave back 1.34%.
The ECB's balance sheet surged to a record of EUR2.73 trillion while overnight deposits jumped to an all time high of EUR452 billion on Wednesday.
Italian borrowing costs were slashed after a successful Treasury auction but worries persist over the upcoming longer term auction on Thursday.
Peter Boockvar of Miller Tabak told Bloomberg, "The easier part of the Italian bond auctions this week took place today. A good test of the appetite for Italian debt will be tomorrow's 3 year bond sales."
Financial shares led the market lower with Bank of America declining 2.8% and Citigroup giving back 2.2%
Catepillar added to the bearishness by dropping 1.9% % on fears of a growing global slowdown.
On a bullish note, Artic Cat surged 19% after the snowmobile maker announced a share buyback
Across the Atlantic, European stock markets were lower with the EURO STOXX 50 down by 1.54%, France's CAC 40 dropping 1.03%, while Germany's DAX 30 was off by 2.01%. Meanwhile, in the U.K. the FTSE 100 declined by 0.10%.
Investors are awaiting employment figures on Thursday as well as the Italian longer term bond auctions.
At the close of U.S. trade, the Dow Jones Industrial Average fell 1.14%, the S&P 500 dropped by 1.24% and the Nasdaq Composite index gave back 1.34%.
The ECB's balance sheet surged to a record of EUR2.73 trillion while overnight deposits jumped to an all time high of EUR452 billion on Wednesday.
Italian borrowing costs were slashed after a successful Treasury auction but worries persist over the upcoming longer term auction on Thursday.
Peter Boockvar of Miller Tabak told Bloomberg, "The easier part of the Italian bond auctions this week took place today. A good test of the appetite for Italian debt will be tomorrow's 3 year bond sales."
Financial shares led the market lower with Bank of America declining 2.8% and Citigroup giving back 2.2%
Catepillar added to the bearishness by dropping 1.9% % on fears of a growing global slowdown.
On a bullish note, Artic Cat surged 19% after the snowmobile maker announced a share buyback
Across the Atlantic, European stock markets were lower with the EURO STOXX 50 down by 1.54%, France's CAC 40 dropping 1.03%, while Germany's DAX 30 was off by 2.01%. Meanwhile, in the U.K. the FTSE 100 declined by 0.10%.
Investors are awaiting employment figures on Thursday as well as the Italian longer term bond auctions.