Stocks closed sharply lower Tuesday, pulled down by a late-afternoon drop in technology stocks that helped erase much of a powerful rally from the day before.
Banks also weighed heavily on the market as bond yields declined. Safe-play stocks like utilities rose. The market was coming off its best day in more than two years following a steep slide last week.
The Standard & Poor’s 500 index fell 45.93 points, or 1.7 percent, to 2,612.62.
The Dow Jones industrial average tumbled 344.89 points, or 1.4 percent, to 23,857.71.
The Nasdaq slid 211.74 points, or 2.9 percent, to 7,008.81.
The Russell 2000 index of smaller-company stocks gave up 30.15 points, or 2 percent, to 1,513.57.
For the week:
The S&P 500 is up 24.36 points, or 0.9 percent.
The Dow is up 324.51 points, or 1.4 percent.
The Nasdaq is up 16.14 points, or 0.2 percent.
The Russell 2000 is up 3.48 points, or 0.2 percent.
For the year:
The S&P 500 is down 60.99 points, or 2.3 percent.
The Dow is down 861.51 points, or 3.5 percent.
The Nasdaq is up 105.42 points, or 1.5 percent.
The Russell 2000 is down 21.95 points, or 1.4 percent.