Falling commodity prices punished materials and energy companies Wednesday, pushing Wall Street's major stock indexes to a lower close.
Crude oil lost nearly $2 to $105 a barrel, hurting energy stocks. Peabody Energy fell 3.4 percent, Chevron 1.1 percent and Exxon 0.9 percent.
Materials fell the most among the 10 industry groups in the Standard & Poor's 500. Aluminum producer Alcoa fell 2.6 percent. The only stock in the Dow Jones industrial average that lost more was heavy-equipment maker Caterpillar, which dropped 3.5 percent.
All three major indexes lost a half-percent. The Dow closed down 71.52 points at 13,126.21. The broader S&P 500 lost 6.98 to 1,405.54. The Nasdaq composite, heavy with technology stocks, fell 15.39 to 3,104.96.
One bright spot was the strong debut of Annie's Inc., a company that sells prepared organic foods. In its first day of trading on the New York Stock Exchange, Annie's leapt 89 percent to $35.92. The company, based in Berkeley, Calif., had priced its shares at $19 late Tuesday.
The broad declines came in spite of a government report that orders for durable goods rose strongly last month, a sign that businesses continue to invest.
The Commerce Department said before the market opened that orders for durable goods, which are defined as products expected to last at least three years, rose 2.2 percent in February. Orders for machinery, computers, autos and aircraft led the rise.
Health insurance companies declined more than the broader market as the U.S. Supreme Court wrapped up oral arguments in a challenge to President Barack Obama's massive health care overhaul. Aetna and Health Net lost 1 percent; Catalyst Health Solutions fell 1.4 percent.
Insurers lost ground because of tough questions from key justices, a signal to some observers that they might strike down the law. Dave Shove, an analyst with BMO Capital Markets, said most people expect the law to help big health insurers by extending coverage to millions more Americans.
"Stocks are following what most people think, which is that these exchanges were going to be a fairly good thing for insurers and bring a bunch of the uninsured in," Shove said, referring to the health policy exchanges where uninsured people would be able to buy coverage.
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