U.S. stocks traded near session lows on Wednesday after the U.S. Federal Reserve release its snapshot of regional economic activity showing conditions stayed weak or worsened in May.

* The report added to worries about surging oil prices and the specter of rising interest rates.

* The Dow Jones industrial average <.DJI> dropped 119.71 points, or 1.37 percent, to 8,643.35. The Standard & Poor's 500 Index <.SPX> fell 13.48 points, or 1.43 percent, to 928.95. The Nasdaq Composite Index <.IXIC> declined 32.05 points, or 1.72 percent, to 1,828.08.

(Reporting by Ellis Mnyandu; editing by Jeffrey Benkoe)

United States