U.S. and European stock prices plunged on Wednesday over concerns the euro zone's debt crisis could reemerge due to Spain’s economic troubles.

The Nasdaq composite index at the New York Stock Exchange fell one-and-a-half percent on Wednesday, posting its biggest one-day drop this year. The Dow Jones Industrial Average slipped nearly one percent to post the lowest decline in a month.

Stocks in Europe saw even greater drops as prices of shares in Germany and France fell nearly three percent.

Lower-than-expected figures of euro zone retail sales and U.S. service industries also led to the decline in stock prices.