Wednesday's early afternoon trade Wall Street tumbles

US stocks sank on Wednesday as Greek debt woes, US data and disappointing profit forecasts fuelled bearish sentiment, putting the market back on its downtrend after a two-day rally. Bank stocks helped lead the decline after Moody's Investors Service said it may cut the credit ratings of French banks, citing exposure to Greek debt.
The French banks have $65 billion in overall net exposure, versus $40 billion for Germany and $41 billion for the United States, according to the Bank for International Settlements.
Declines in shares of insurers also outpaced the broader market, with the KBW insurance index down 2.8 percent. Allstate lost 2.4 percent to $29.49. The KBW bank index was down 2 percent. Manufacturer 3M fell 1.6 percent to $91.13 and ranked among the biggest drags on the Dow. An index of semiconductor stocks dropped 1.7 percent, weighing on the Nasdaq. The CBOE Volatility Index jumped 14 percent to 20.82 - its highest level since March 23.
The Dow Jones industrial average was down 183.65 points, or 1.52 percent, at 11,892.46. The Standard & Poor's 500 Index was down 22.94 points, or 1.78 percent, at 1,264.93. The Nasdaq Composite Index was down 43.05 points, or 1.60 percent, at 2,635.67.