By msnbc.com news services
Stocks ended trading near their session lows Wednesday.
According to preliminary calculations, the Dow Jones Industrial Average ended down 190.19, or 1.57 percent, at 11,905.97. The S&P 500 fell 20.88, or 1.66 percent, to 1,236.92. The Nasdaq was off 46.59, or 1.73 percent, to 2,639.61.
The Dow fell nearly 125 points shortly after the opening bell and slowly recovered throughout the day. Gains by energy giants Exxon Mobil Corp. and Chevron Corp. pulled the Dow closer to breakeven at midafternoon before tumbling again after Fitch Ratings put out a report saying U.S. banks could take a big hit if Europe's debt crisis spreads.
U.S. economic reports were mixed. Output at the nation's factories, utilities and mines rose at the fastest pace in three months in October, the Federal Reserve said. Production of autos and parts surged 3.1 percent.
Consumer prices largely held steady last month. The Consumer Price Index dropped 0.1 percent in October, led by a steep decline in gas prices. An index of builder sentiment rose to the highest level since May 2010, but is still well below a level consistent with a strong housing market.
Concerns about Europe's debt crisis continued to linger. The European Union economy grew at an annual rate of just 0.2 percent between July and September, a sign that Europe may be headed for a recession. Together, the 27 countries in the European Union make up the world's largest economy and a key source of revenue for companies in the Standard and Poor's 500 index.
Michael Cuggino, president of Permanent Portfolio, tells CNBC why he is cautiously optimistic about the U.S. economy:
The Associated Press contributed to this report.
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