NEW YORK—Wall Street hit the brakes on its big rally Wednesday following disappointing profit reports from companies and warnings that the market had simply gone too far, too fast.
The S&P 500 slumped 1.5 percent for its worst loss since beginning a monster-sized rally shortly before Halloween. The Dow Jones Industrial Average dropped 475 points, or 1.3 percent, from its record high, while the Nasdaq composite sank 1.5 percent.
