Wall Street falls on energy weakness as oil tumbles
NEW YORK (Reuters) - U.S. stocks faltered on Wednesday after a three-day rally as a strengthening dollar and data showing a rise in U.S. fuel supplies sent crude oil prices lower, hurting energy stocks.
The euro dropped to a fresh three-week low against the dollar as investors unwound risky trades in commodities and higher-yielding currencies and bought back the greenback in a flight to quality bid.
The market's decline was broad, with six stocks falling for every one rising on the New York Stock Exchange.
Energy and materials, two sectors that have been laggards, led the decline as U.S. crude futures dropped more than $5 per barrel. Concerns about growth in China hit cyclical sectors, which have teetered on worries about global demand. Losses in oil were exacerbated following U.S. inventory data from the Energy Information Administration.