Stocks erased the year's gains in a broad selloff on Wednesday as fears of sustained global economic stagnation caused investors to flee to safer assets.

Based on the latest available figures, the Dow Jones industrial average <.DJI> dropped 263.90 points, or 2.48 percent, to end at 10,380.35. The Standard & Poor's 500 Index <.SPX> fell 31.45 points, or 2.81 percent, to close at 1,089.61. The Nasdaq Composite Index <.IXIC> slid 68.54 points, or 3.01 percent, to finish at 2,208.63.

(Editing by Kenneth Barry)