The S&P 500 index fell more than 1 percent in afternoon trading on Wednesday, its biggest daily percentage drop since Nov 23. Financial stocks were among the biggest drags on the index after disappointing quarterly results from Goldman Sachs .

The Dow Jones industrial average <.DJI> was down 26.60 points, or 0.22 percent, at 11,811.33. The Standard & Poor's 500 Index <.SPX> was down 13.63 points, or 1.05 percent, at 1,281.39. The Nasdaq Composite Index <.IXIC> was down 40.71 points, or 1.47 percent, at 2,725.14.

(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)