NEW YORK (CNNMoney) -- A sell-off in U.S. stocks accelerated Wednesday, with all three major indexes ending at their lowest levels of 2011.The S&P 500 and Nasdaq composite erased their gains for the year, while the Dow is barely hanging on, up only 0.3% in 2011.
Trading was extremely choppy as investors tried to sort out disappointing U.S. housing data against the backdrop of developments in Japan.
It didn't help that European Union energy commissioner G?nther Oettinger sounded a warning bell about increased risks related to Japan's crippled nuclear reactors at a meeting in Brussels.
Moreover, the U.S. Embassy in Tokyo cautioned American citizens who live within 50 miles of the damaged Fukushima Daiichi nuclear plant to evacuate or take shelter indoors.
The Dow Jones industrial average (INDU) tumbled 242 points, or 2%, the S&P 500 (SPX) slipped 25 points, or 2%, to end at 1,256.88. The broad index closed 2010 at 1,257.64.
The Nasdaq (COMP) lost 51 points, or 1.9%, to finish at 2,616.82.
Aside from Japan, Moody's Investors Service cut Egypt's rating by one notch, further into non-investment grade quality.
And late Tuesday, Moody's downgraded Portugal's credit rating from A1 to A3 -- a lower investment grade status. And Fitch downgraded Bahrain's debt to below investment grade, following a government clash with protesters.
Oil prices -- which fell nearly 4% on Tuesday -- were higher Wednesday, as concerns about the ongoing turmoil in North Africa and the Middle East were revived. Oil for April delivery gained 80 cents, or 0.8%, to settle at $97.98 a barrel.
Gold futures for April delivery climbed $3.30 to settle at $1,396.10 an ounce.
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