India, April 30 -- After trending higher over the past several sessions, stocks have pulled back sharply during trading on Wednesday. The major averages have all shown significant moves to the downside, with the Nasdaq and the S&P 500 pulling back off their best closing levels in almost a month.
Currently, the major averages are well off their lows of the session but still firmly negative. The Nasdaq is down 285.55 points or 1.6 percent at 17,175.77, the S&P 500 is down 67.34 points or 1.2 percent at 5,493.49 and the Dow is down 352.69 points or 0.9 percent at 40,174.93.
Traders are cashing on the recent strength in the markets following the release of a Commerce Department report showing the U.S. economy unexpectedly shrank in the first ...