S&P end in red for the year

Stocks suffered their worst one-day loss in two months, dropping the S&P 500 back into negative territory for the year in a broad-based sell-off, as investors reconsidered the health of the economy.

Shares of economically sensitive sectors such as financials, energy and materials led the S&P 500's decline. There was also a sharp drop in U.S. crude oil futures and other commodities. Crude oil prices fell about 4% to settle at $66.93/bbl.

The Chicago Board Options Exchange's Volatility Index (Chicago: VIX) jumped past the key 30 level for the market's favorite fear gauge, indicative of an expected period of high volatility on Wall Street.

This week's US$104b in auctions will mark the largest single-week of debt sales, as the U.S. government sells a record US$2t of bonds to finance bail-outs and stimulus programs.