Stocks extended their losses Wednesday to wipe out most of the previous session's sharp rally as financials led the decline amid jitters over the U.S. economy and the ongoing euro zone crisis. he Dow Jones Industrial Average plunged sharply, led by Disney [DIS 30.60 -4.10 (-11.82%) ] and BofA [BAC 6.95 -0.65 (-8.55%) ], after surging over 600 points in the final hour of trading in the previous session amid a heavily volatile session.
The S&P 500 and Nasdaq also declined more than 3 percent. The CBOE Volatility Index, widely considered the best gauge of fear in the market, traded near 40.
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