NEW YORK (CNNMoney) -- U.S. stocks sold off late Wednesday to end the day lower on concerns about the debt crisis in Europe and falling oil prices.
The Dow Jones industrial average (INDU) fell 77 points, or 0.6%, to end at 12,496. The S&P 500 (SPX) fell 9 points, or 0.7%, to 1,315. The Nasdaq (COMP) slid 24 points, or 0.8%, to 2,818.
Stocks opened lower and drifted between small gains and losses for most of the day as investors focused on mixed economic reports and Congressional testimony by JPMorgan chief executive Jamie Dimon.
But the selling accelerated in the afternoon as oil prices gave up earlier gains, ending the day down 0.8%. "Oil prices ticked lower and stocks followed," said Ben Schwartz, chief market strategist at Lightspeed Financial.
Meanwhile, ongoing concerns about the debt crisis in Europe continue to weigh on the market.
Investors are worried about Spain, which recently requested up to €100 billion to recapitalize insolvent banks. Egan-Jones cut its credit rating on Spanish government debt to "CCC+" from "B."
Italy has been under pressure amid fears the debt crisis is spreading to the core of the eurozone. Greece is also in focus ahead of a crucial election this weekend.
"There's a lot of nervousness about the Greek election and the euro coming apart," said Schwartz.
The dollar fell against the euro, but gained strength against the British pound and Japanese yen.
Oil for July delivery fell 70 cents to settle at $82.62 a barrel. Oil priceshave swung wildly lately, due to political and economic uncertainty around the globe. The decline came ahead of Thursday's meeting of the Organization of the Petroleum Exporting Countries.
Gold futures for August delivery rose $5.60 to end the day at $1,619.40 an ounce.
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