Dow closes 380 points lower, snaps longest monthly win streak since 1959

U.S. stocks fell sharply in choppy trade Wednesday, giving up earlier gains, as Wall Street wrapped up a volatile month for the major averages.

The Dow Jones industrial average closed 380.83 points lower at 25,029.20, with Caterpillar as the worst-performing stock in the index.

More than half of the day's losses came in the final hour of trading with the Dow losing more than 240 points in the final 60 minutes.

The S&P 500 pulled back 0.9 percent to close at 2,713.83, with energy as the worst-performing sector. The Nasdaq composite ended 0.8 percent lower at 7,273.01.

Jeff Kilburg, CEO of KKM Financial said the S&P 500 dipped below its 50-day moving average late in the session. "That forces some technical selling pressure and flushes out some weak longs," he said.

Earlier in the session, the S&P 500 and Nasdaq rose as much as 0.6 percent and 0.7 percent, respectively. The Dow gained as much as 166.12 points.

The Dow and S&P 500 snapped 10-month winning streaks, their longest since 1959. The Nasdaq posted a monthly loss for the first time in eight months. For the month, the Dow and S&P 500 closed lower by 4.3 percent and 3.9 percent, respectively. The Nasdaq closed February down 1.9 percent.

Source: Bloomberg Pro Terminal

Jr Trader Alexander Kumanov

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