RCI.B:CC - Major Averages End August with Losses

Stocks fell for a fourth straight day on Wednesday, the last day of August, putting the summer market comeback in doubt as investors weighed the Federal Reserve's inflation-fighting efforts.

The Dow Jones Industrials plummeted 280.44 points to close at 31,510.43.

The S&P 500 dropped 31.16 points to 3,955.

The NASDAQ Composite tumbled 66.93 points to 11,816.20.

What began as a strong month for the three major averages ended on a weaker note. The Dow finished August down nearly 4.1%, while the S&P stumbled 4.2% on the month and the NASDAQ posted a monthly loss of 4.6%.

Treasury prices lost some spunk, raising yields to 3.19% from Tuesday's 3.13%. Treasury prices and yields move in opposite direction.

Oil prices backed off $2.81 to $88.83 U.S. a barrel.

Gold prices tumbled $14.40 to $1,721.90 U.S. an ounce.