The S&P 500 closed down 0.8 percent, clinching its fifth straight day of losses. It's now in the red for the month of November following October's 7 percent rout. The Dow Jones Industrial Average finished 206 points lower on Wednesday. The Dow fell more than 400 points from its highs of the day. The Nasdaq Composite pulled back 0.9 percent.

·       "I believe the stock market is experiencing is a continuation of the selling pressure that began in early October," said Robert Pavlik, chief investment strategist at SlateStone Wealth. "If investors don't understand what was behind the selling or what started it then there is hesitation to buy and with continued pressure it leads to an unwillingness to hold stocks especially as the volatility and selling pressure continues."

·       Stocks in Asia were mixed in the morning despite an improvement in market risk sentiment after British Prime Minister Theresa May said she had obtained enough support for her proposed Brexit deal to move forward.

Japan's Nikkei 225 slipped 0.4 percent in early trade while the Topix index saw losses of 0.5 percent, as shares of conglomerate SoftBank fell 1.3 percent.

Reference: Reuters, CNBC