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Markets fall in broad decline

It was an up day Tuesday on Wall

It was an up day Tuesday on Wall Street for traders at the New York Stock Exchange. Wednesday trading started with steep losses. (April 16, 2013) Photo Credit: AP

As evidence grows of a slowing global economy, investors are showing some caution just one week after U.S. stocks hit an all-time high.

Stocks fell Wednesday after lackluster earnings from Bank of America and an apparent drop in demand for Apple's iPod and iPhone dragged financial and technology stocks lower. New signs of weakness in Europe, where car sales are plunging and unemployment is rising, also weighed on the market.

The Dow Jones industrial average fell 138.19 points to 14,618.59 Wednesday, wiping out most of the gain it made Tuesday. The Dow, which reached an all-time high of 14,865 last Thursday, is down 1.7 percent this week after slumping 265 points on Monday.

The Standard & Poor's 500 index dropped 1.43 percent, to 1,552.01, and is 2.2 percent lower since the opening bell on Monday. The S&P is 2.5 percent below its all-time high of 1,593.

Energy companies and miners fell as commodity prices extended their declines.

Despite the big drops this week, the Dow is still 11.6 percent higher this year, the S&P 500 index 8.8 percent.

Gold fell $4.60 to $1,382.20 an ounce. Gold has stabilized after dropping $140 an ounce on Monday. -- AP

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