Banks led a broad slide in U.S. stocks Wednesday that more than wiped out gains from the day before.
After an early upward turn, the stock market veered into the red, with the losses accelerating as the day wore on. Basic materials companies, industrials, utilities and energy stocks were among the biggest decliners.
Trading was light ahead of the New Year’s Day holiday. Two stocks fell for every one that rose on the New York Stock Exchange.
“Volume is pretty weak, so there’s no aggressive selling taking place,” said Bob Doll, chief equity strategist at Nuveen Asset Management. “It’s more sellers locking in some better gains than they thought they were going to...