A look at highlights from the day's business news:
Stocks fall on economic fears
Stocks fell Wednesday as a worse-than-expected report on durable goods orders and weaker quarterly results from Boeing and others added to concerns about the pace of the economic recovery.
The Dow Jones industrial average lost 40 points, or 0.4 percent. The S&P 500 lost 8 points, or 0.7 percent. The Nasdaq composite lost 24 points, or 1 percent.
The surprise drop in durable goods orders and a slide in European markets kept concerns about the U.S. economy front and center.
Oil prices drift lower
Oil drifted lower Wednesday, continuing a slide from an 11-week high above $79 a barrel reached last week, as a drop in consumer sentiment and an unexpected build in inventories weighed on prices.
Crude for September slid 0.7 percent Wednesday to settle at $76.99 a barrel. It held steady near $79 Monday but tumbled almost 2 percent Tuesday.
"Oil has rallied $8 since the beginning of the month, and I think this drawback is on slightly weaker economic news in the U.S. that has stirred up a whole lot of talk about a double-dip recession," said James Cordier, president of Liberty Trading Group.
Treasurys rise after $37 billion auction
Treasury prices rose Wednesday as disappointing manufacturing data dragged stocks lower and a $37 billion auction of five-year notes was well received.
The benchmark 10-year note rose 17/32 to 104-10/32, pushing its yield down to 2.99 percent from 3.05 percent late Tuesday. Bond prices and yields move in opposite directions.
The 30-year bond rose 9/32 to 105-9/32 and its yield was 4.07 percent. The two-year note edged up 4/32 to 100-1/32 and yielded 0.62 percent, while the five-year note rose 14/32 to 100-27/32 with a yield of 1.77 percent.
The government sold $37 billion worth of five-year notes as part of a $104 billion debt offering this week.
The U.S. sold $38 billion in two-year notes Monday and an offering of $29 billion in seven-year notes is on tap Thursday.
- CNNMoney.com reporters Alexandra Twin, Hibah Yousuf and Blake Ellis contributed to this report.