Stocks fell more than 1 percent in late afternoon trade on Wednesday, led by losses in materials and financial shares.

The Dow Jones industrial average was down 165.44 points, or 1.37 percent, at 11,930.72. The Standard & Poor's 500 Index was down 18.58 points, or 1.48 percent, at 1,239.23. The Nasdaq Composite Index was down 40.02 points, or 1.49 percent, at 2,646.18.

(Reporting by Angela Moon, Editing by Chizu Nomiyama)