(CNBC) — U.S. stocks closed lower Wednesday as investors digested earnings reports and weighed weaker-than-expected data.
"The market came into the week pretty overbought and with these earnings reports, (there's) a little bit of a headwind," said Bruce Bittles, chief investment strategist at RW Baird.
The Dow Jones industrial average closed down about 158 points after falling as much as 194 points, pressured by declines in Wal-Mart and Boeing. The index ended below the psychologically key level of 17,000 for the first time since Oct. 7.
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