The Dow Jones industrial average declined 2.36 percent by close of trading and hit 12,099.66 points on loss of 293.00 points. The Standard & Poor's index dropped 32.32 points, a loss of 2.43 percent, ending the day at 1,298.42 points. The Nasdaq composite index lost 58.30 points, to 2,209.96 points, a 2.57 percent drop.

On the New York Stock Exchange 934 stocks advanced while 2,231 declined on a volume of 1.973 billion shares traded.

The 10-year U.S. Treasury note gained 1 11/32 to yield 3.343 percent.

The dollar was mixed. The euro traded at $1.5616 from $1.5636 Tuesday, while the dollar traded at 98.89 yen from 99.56 yen Monday.

In Tokyo, the Nikkei index also advanced Wednesday, up 296.28 points to 12,260.44 points, up 2.48 percent.

In London, the FTSE 100 index closed down 0.25 percent to 5,591.70 points, down 14.10 points.