(CNBC) U.S. stocks closed sharply lower Wednesday, pressured by low oil prices, as concerns about global economic slowdown weighed ahead of major earnings reports.
The S&P 500 closed down 2.5 percent, ending below the psychologically key 1,900 level for the first time since Sept. 29. The index fell below that level in intraday trade for the first time since Oct. 2, 2015. Consumer discretionary was the greatest declining sector.
All three U.S. averages closed more than 10 percent below their 52-week intraday highs, in correction territory.
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"It started with crude just weakening a little bit. Everyone's so afraid of this earnings season they're pre-selling it," said JJ Kinahan, chief strategist at TD Ameritrade.