Spanish bonds send stocks plunging

Stocks on Wall Street fell as the S&P 500 notched its second-biggest decline of the year, joining a global stock selloff after a disappointing Spanish bond auction.

The index shed 14.42 points, or 1%, to 1398.96, while the Dow Jones Industrial Average fell for a second-straight session, sliding 124.80 points, or 1%, to 13,074.75.

The Nasdaq Composite lost 45.48 points, or 1.5%, to 3068.09, its steepest decline this year.

Financial stocks led the markets lower. Bank of America fell 2.3%, as the Dow's biggest decliner, while JP Morgan Chase fell 2.2%.

Technology stocks also were weak. Microsoft fell 3.1% and Cisco Systems declined 2.2%.

Other markets: Europe, Asia fall
Stocks in Europe plunged as surging Spanish and Italian government yields renewed worries over the eurozone debt crisis.

Yields on 10-year Spanish government debt topped 5.7%, the highest level since January 9.

The benchmark Stoxx Europe 600 index slid 2.1% to 258.76, its lowest close in almost a month.

Frankfurt's DAX slid 2.8% to 6784.06, Paris' CAC 40 Index dropped 2.7% to 3313.47 and London's FTSE 100 Index fell 2.3% to 5703.77,

The Spanish IBEX 35 index lost 2.1% to 7663.60 and Italy's FTSE MIB index fell 2.4%.

Choppy trade for most Asian markets turned to solid losses after Australia said it ran a $A480 million trade gap in February, compared with expectations for a $A1.1 billion surplus,

Japan's Nikkei Stock Average tumbled 2.3% to 9819.99, its biggest percentage drop since November 1.

Australia's S&P/ASX 200 index eased 0.1% to 4333.90 while Korea's Kospi lost 1.5% 2018.61.

In India, the Bombay Stock Exchange's Sensitive Index fell 0.6% to close at 17,486.02.

Hong Kong, Shanghai and Taiwan markets were closed for a holiday,

Commodities: Oil, gold down
Crude futures tumbled after data showed US oil stockpiles rose by nine million barrels, the largest weekly increase in more than three years.

Light, sweet crude for May delivery settled $US2.54, or 2.4%, lower at $US101.47 a barrel in New York, the lowest since February 14.

Brent crude on the ICE Futures exchange traded $US1.88 lower at $US122.98 a barrel.

Gold futures ended at a 12-week low, as investors reacted to the US Federal Reserve's reticence the day before over further stimulus.

Gold for April delivery fell $US57.70, or 3.5%, to settle at $US1612.30 an ounce in New York.

Currencies: Euro falls
The euro slid against major currencies as a poor Spanish bond auction reignited fears about Europe.

The euro was at $US1.3142 compared with $US1.3234 late on Tuesday. The US dollar was at ¥82.44 compared with ¥82.81, while the euro was at ¥108.34 compared with ¥109.82.

The pound traded at $US1.5891 compared with $US1.5915, while the dollar bought 0.9157 Swiss franc from 0.9098 franc.

The Australian dollar was also down versus the greenback, at $US1.0259 from $US1.0331.