Wall Street plunged Wednesday on record high crude prices and a bunch of economic data.

Rocketing oil prices have stirred investors' concerns on inflation as crude prices refreshed record high Wednesday. Light, sweet crude rose to 123.53 on the New York Mercantile Exchange.

The U.S. National Association of Realtors reported pending sales of existing homes fell in March by one percent, more than many economists predicted, indicating the housing market will take a long time to recover.

The U.S. Labor Department said productivity of the U.S. non-farm business sector accelerated to a 2.2 percent annual rate in the first quarter, higher than expectation. It also said unit labor costs, a key inflationary signal, rose at an annual rate of 2.2 percent in the first quarter. Economists had expected a 2.6 percent increase.

The Dow Jones average fell 206.48, or 1.59 percent, to 12,814.35. The Standard & Poor's 500 index fell 25.69, or 1.81 percent, to 1,392.57, and the Nasdaq composite index fell 44.82, or 1.80 percent, to 2,438.49.