Stocks suffered their biggest declines this year, losing ground for the fifth-straight session, as worries over rising borrowing costs for European countries weighed on sentiment.
Stocks have slumped over the last week after concluding their best first quarter in more than a decade. The Dow has shed 4.1% over its five-session slump, while the S&P 500 has lost 4.3%.
Declines started a week ago, after investors interpreted minutes from the Federal Reserve's most recent policy-setting meeting to mean that no additional monetary stimulus is on the way soon. A poorly received Spanish bond auction last Wednesday and disappointing U.S. jobs report on Friday also weighed on markets.