Stocks plunge, erasing gains for the year

Stocks are closing sharply lower on Wall Street, led by a swoon in technology companies. The S&P 500 and the Dow Jones Industrial Average erased their gains for the year.

High-flying companies like Netflix and Amazon took some of the biggest losses Wednesday. Netflix gave back 9.4 percent and Amazon dropped 5.9 percent.

Several companies sustained heavy drops after reporting disappointing results. Texas Instruments, a major chipmaker, slumped 8.2 percent and AT&T fell 8.1 percent.

The technology-heavy Nasdaq composite is now 12.3 percent below its August peak.

The S&P 500 index fell 84 points, or 3.1 percent, to 2,656.

The Dow fell 608 points, or 2.4 percent, to 24,583. The Nasdaq composite gave up 329 points, or 4.4 percent, to 7,108.

Bond prices rose, sending yields lower.