NEW YORK (
TheStreet) -- Traders, wracked with fear that Greece's sovereign debt woes could spread to neighboring nations, sent stocks tumbling hard Tuesday, pushing the
The Dow Jones Industrial Average saw 225 points, or 2%, evaporate during one of its most downbeat sessions of the year, ultimately finishing at 10,927. The S&P 500 lost 29 points, or 2.4%, to 1174, and the Nasdaq declined by nearly 75 points, or 3%, to finish at 2424.
"The strong dollar is biting into risk appetite with the euro plunging this morning on contagion fears about sovereign debt problems in Europe," said Peter Cardillo, chief market economist at Avalon Partners. "We had some good economic numbers out today, which is basically helping the market to stabilize at the low end of the range."There's a lot of volatility, and I suspect that this is going to continue as long as we have this fear factor of the sovereign debt worsening," Cardillo said. "The good news is that the market seems to be trading in a volatile range, but it's not breaking down, so it's a good indication that we're probably headed higher before we're headed lower." Global markets were roiling with doubt that Greece's rescue package would be enough to ease contagion fears, and the
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