Dow Closes Down Over 350 Points, S&P Drops Under 1,900

U.S. stocks closed sharply lower Wednesday, pressured by low oil prices, as concerns about global economic slowdown weighed ahead of major earnings reports, CNBC reported.

Stocks opened higher but quickly turned lower as oil gave up initial gains following inventory data.

The Dow Jones industrial average traded about 350 points lower after briefly falling 393 points in afternoon trade with Home Depot one of the greatest contributors to losses. Goldman Sachs and Boeing were also among the top contributors to declines.

The S&P 500 traded more than 2 percent lower to below the psychologically key 1,900 level in intraday trade for the first time since Oct. 2, 2015.

"The fear of a slowing economy is taking over," said Adam Sarhan, CEO of Sarhan Capital.

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