(Reuters) - Stocks extended losses on Wednesday, with the S&P briefly falling 1 percent, as investor optimism waned over euro zone leaders' ability to reach a resolution to the region's debt crisis at an upcoming summit.

The Dow Jones industrial average .DJI dropped 70.65 points, or 0.58 percent, to 12,079.48. The Standard & Poor's 500 Index .SPX.INX dropped 11.92 points, or 0.95 percent, to 1,246.55. The Nasdaq Composite Index.IXIC dropped 33.50 points, or 1.26 percent, to 2,616.06.

(Reporting By Chuck Mikolajczak; Editing by James Dalgleish)

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