Stocks nearly erased a three-day rally on Wednesday as energy and other commodity shares sank, feeding worries about the market's ability to stay on its upward path.

The Dow Jones industrial average <.DJI> dropped 130.25 points, or 1.02 percent, to 12,630.11, according to the latest available figures. The Standard & Poor's 500 Index <.SPX> fell 15.10 points, or 1.11 percent, to 1,342.06. The Nasdaq Composite Index <.IXIC> dropped 26.83 points, or 0.93 percent, to 2,845.06.

(Editing by Kenneth Barry)