Major Averages Close Lower for Third-Straight Day

It was a choppy trading day on Wall Street as the major averages made a comeback in the final hour of trade.

The Dow had fallen 264 points at the low of the session before paring losses to close lower by 78 points. The S&P 500 fell six points and the Nasdaq dropped 18 points. This was the third straight day of losses for the major averages.

Twelve percent of the S&P 500 hit their lowest levels in a year. Among the consumer sectors were retailers like Macy's (NYSE:M), Kohl's (NYSE:KSS), and Tiffany (NYSE:TIF) as well as media companies like CBS (NYSE:CBS) and News Corp (NASDAQ:NWSA).

Car parts maker BorgWarner (NYSE:BWA), a big player in automotive emissions systems, continues to suffer from the fallout surrounding the Volkswagen scandal.