Dow Jones Industrial Average Plunges Nearly 300 Points, 'Overbought Biotechs' Push Nasdaq Composite Down 2%

U.S. stocks closed sharply lower Wednesday, with the blue-chip Dow Jones Industrial Average plunging nearly 300 points and the Nasdaq composite losing more than 2 percent. Although much of the decline Wednesday was attributed to data that revealed U.S. businesses spent less on investments for a sixth straight month in February, experts say that wasn't the sole reason for the day's drop.