NEW YORK — A late-day slide broke the stock market’s calm Wednesday after concerns grew that shares are overheated.
A disappointing drop in consumer borrowing and a slide in oil prices hit a market that analysts said has been looking tired. The Dow Jones industrial average fell 72 points after repeated attempts this week to cross 11,000. It hasn’t been above that level in 18 months.
It was the Dow’s biggest drop since Feb. 23. It had been down by as much as 125 points during the day, its first triple- digit slide since February.
Analysts said the market has been due for a break after two months of steady gains. The benchmark Standard & Poor’s 500 index reached an 18-month high Tuesday. It had risen 12.6 percent in two months.
The market found some support in afternoon trading following strong demand at a government bond auction. That sent interest rates lower after a spike Monday.
The drop in stocks resumed in the final hour of trading, however, after the Federal Reserve said consumer borrowing fell by $11.5 billion in February. Analysts had expected a modest gain of $500 million.
The drop, resulting from weakness in credit cards and auto loans, raised concerns that consumer spending will remain weak.
Stocks started the day weaker after Greece’s borrowing costs rose again and its stock market slid on concerns that the country could default on its debt. Greece’s financial woes have undermined confidence in Europe’s shared currency, the euro, and caused jitters on world markets.
Mike Shea, managing partner at Direct Access Partners LLC in New York, said the market needed to digest the recent climb by pulling back.
“To me, good markets behave like this,” he said.
The Dow fell 72.47, or 0.7 percent, to 10,897.52. The Dow had flirted with the 11,000 level in recent days but hadn’t crossed it. It came within 12 points of 11,000 on Monday and Tuesday before retreating.
The S&P 500 fell 6.99, or 0.6 percent, to 1,182.45, while the Nasdaq composite fell 5.65, or 0.2 percent, to 2,431.16.
Mark Coffelt, portfolio manager at Empiric Funds in Austin, Texas, said the drop in stocks is likely to be modest because so many investors are waiting to put money in the market.
“We’re probably a little overdue for a correction,” Coffelt said. “I think it’s going to be pretty light, as much of the public is underinvested.”
Crude oil fell 96 cents, to $85.88 per barrel, on the New York Mercantile Exchange after hitting an 18-month high Tuesday.
