Banks, insurers pull stocks lower; Oil snaps skid

A turbulent day of trading on Wall Street ended Wednesday with a fifth consecutive loss for the benchmark S&P 500 index.

An early rally drove major indexes sharply higher but was gone by midday, leaving the market headed lower for the rest of the day. The Dow Jones Industrial Average swung from a high of 214 points to a low of 350 before the sell-off eased somewhat by lateafternoon.

Technology companies, banks and insurers fared the worst, their losses outweighing gains in other sectors.

Bond prices rose as traders shifted money into low-risk assets. That pulled yields down, which hurts banks by driving interest rates on loans lower. Energy stocks rebounded as crude oil prices snapped a 12-day losing streak. Precious metals also rose.

“We’re still ... contending with the implications of the selloff from October,” said David Lefkowitz, senior equity strategist at UBS Global Wealth Management. “The market is still somewhat unsettled and somewhat volatile as investors digest that move and reposition for what they think will happen next.”

The S&P 500 index fell 20.60 points, or 0.8 percent, to 2,701.58. The Dow Jones Industrial Average lost 205.99 points, or 0.8 percent, to 25,080.50. The Nasdaq composite dropped 64.48 points, or 0.9 percent, to 7,136.39. The Russell 2000 index of smaller companies gave up 12.30 points, or 0.8 percent, to 1,502.51.

The latest losses placed the indexes on track to finish the month with a loss.

For the second straight day, stocks looked as if they were headed for a rebound early Wednesday. But the wave of buying didn’t hold.

Bond prices, which had been declining, also began climbing as traders favored safe-haven assets. That sent the yield on the 10-year Treasury note down to 3.12 percent from 3.14 percent late Tuesday.