Dow Closes Down 173 Points After Tumultuous Trading Day

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U.S. large-cap stocks closed down on Wednesday but recovered significantly from historic intraday losses amid concerns about Europe, Ebola and the economy. The Dow and S&P had their worst day in nearly three years as the Dow fell more than 460 points to below 16,000 at one point. The Russell 2000 and transports turned positive as stocks came off lows in the last half hour before the close. S&P 400 midcaps also traded higher, and the Nasdaq traded briefly in the green. "The Russell 2000 led the selloff and is actually the first to find the bottom here," Art Hogan, chief market strategist at Wunderlich Securities, said. He also attributed the late-session gains to stabilization in oil prices and high trade volume during the middle of the day. Financials led declines on the S&P and traded more than 2 percent lower, while JPMorgan Chase and Goldman Sachs were among the greatest blue-chip decliners. Prior to the start of trading Bank of America posted a smaller-than-expected loss, while BlackRock reported better-than-expected earnings. Stocks held to a downward trend after the Fed released its "Beige Book"that said the economy is growing at a "modest to moderate" pace.


--- Evelyn Chang, CNBC