U.S. stock indices posted sharp declines on Wednesday.

The Dow Jones Industrial Average fell 364.81 points, or 2.2%, to 16,151.41. The S&P 500 dropped 48.40 point, or 2.5%, to 1,890.28 (all of its 10 sectors fell). The Nasdaq Composite plunged 159.85 points, or 3.4%, to 4,526.06.

Investors assessed Fed's Beige Book report, which showed that economic growth was modest in most districts in the period from the end of November through January 4. Higher consumer spending and better conditions in the labor market supported the U.S. economy. Activity in residential and commercial estate markets rose in most districts.

This morning in Asia Hong Kong Hang Seng fell 0.96%, or 191.87, to 19,743.01. China Shanghai Composite Index climbed 0.74%, or 21.83, to 2,971.43. The Nikkei dropped 2.80%, or 495.49, to 17,220.14.

Asian stocks traded mixed. Japanese stocks plunged following declines in Wall Street. Weak domestic data also weighed on stocks. The Economic and Social Research Institute reported that core machinery orders fell by 14.4% in November compared to a 10.7% rise reported previously. Orders fell as weak global economic growth weighed on business confidence in Japan.