US STOCKS SNAPSHOT-S&P 500 drops about 1% from record high

Wall Street's losses deepened on Wednesday, weighed down by technology stocks, as investors awaited progress on developments related to a fresh economic stimulus deal, with negotiations between government leaders dragging on.

At 01:59 p.m. ET the tech-laden Nasdaq Composite lost 278.53 points, or 2.21%, to 12,304.25.

The Dow Jones Industrial Average fell 220.62 points, or 0.73%, to 29,953.26 and the S&P 500 lost 41.58 points, or 1.12%, to 3,660.67 after both indexes hit all-time highs earlier in the session.