S&P 500 closes with losses, erases all gains in 5 weeks

By Ovunc Kutlu

ISTANBUL (AA) - The S&P 500 closed lower Wednesday, erasing all of its gains in the past five weeks.

The index lost 62.11 points, or 1.56%, to finish at 3,928.86 -- its lowest level since Dec. 15.

The Dow Jones Industrial Average plummeted 613.89 points, or 1.81%, to finish at 33,296.96.

The Nasdaq fell 138.10 points, or 1.24%, to end the session at 10,957.01.

The VIX volatility index, also known as the fear index, soared 5% to 20.34. The 10-year US Treasury yield fell 4.6% to 3.373%.

The dollar index was flat at 102.40, while the euro added 0.06% to $1.0795 against the greenback.

Precious metals were in negative territory, with gold falling 0.2% to $1,904 per ounce and silver decreasing 2% to $23.46.

Crude oil prices were down over 1%, with global benchmark Brent crude falling 1.4% to $84.69 per barrel and US benchmark West Texas Intermediate crude at $79.55, a 1.1% decrease.