The Dow Jones Industrial Average on Wednesday relinquished its biggest point gain since February, as selling in shares of bank and technology-and-internet companies offset gains in the resurgent energy sector.
The Dow DJIA, -0.68% ended the session off 165.52 points, or 0.7%, at 24,117.59, after the blue-chip gauge touched an intraday high up 285.91 points. That retreat represents the largest turnaround lower for the Dow since Feb. 21, when the gauge rose 303.24 points to end down 166.97 points, according to WSJ Market Data Group. The S&P 500 index SPX, -0.86% also marked its largest blown lead since February, after it peaked up 0.85%, but finished the session down 0.9% at 2,699, ending below a psychological, round-number level at 2,700 for the broad-market index.
Wednesday’s reversal comes as trade-related worries have created anxieties among investors fearful that the current tit-for-tat spat between the U.S. and its trade partners China and the European Union morph into a trade war that damages global economies.
An early burst higher in the session, partly underpinned by a White House statement that appeared to imply a more moderated approach by President Donald Trump to curb Chinese investments in U.S. technology companies, gave way to selling.
The technology-laden Nasdaq Composite Index COMP, -1.54% given the focus on tech, saw a more pronounced tumble on the day, off 1.5% at 7,445.08.