This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Stocks Sink as Worries About Spain Linger

NEW YORK ( TheStreet) -- U.S. stocks shed more than 1% Monday, as initial excitement about Spain's bank bailout plan was usurped by worries about the country's increasing debt load.

Uncertainty surrounding the outcome of this weekend's elections in Greece also soured sentiment.

The Dow Jones Industrial Average dropped 143 points, or 1.1%, to close at 12,411.

The blue-chip index ran as high as 12,650 earlier in Monday's session and saw a 250-point intraday swing at its low of the day. Monday's decline snapped a four-day winning streak for the Dow, which last week enjoyed its best weekly performance on both a point and percentage basis since late December.

The S&P 500 shed 17 points, or 1.3%, to close at 1309. The Nasdaq Composite was the biggest loser, falling nearly 49 points, or 1.7%, to close at 2810.

Within the Dow, 26 of the 30 components finished in the red, led by Alcoa (AA), Bank of America (BAC - Get Report), Caterpillar (CAT), Hewlett-Packard (HPQ), JPMorgan Chase (JPM - Get Report), and Microsoft (MSFT).

Verizon (VZ), Boeing (BA), and AT&T (T) were among the blue chips that ended in positive territory.

The weakest sectors were basic materials, capital goods, consumer cyclicals and technology.

Spain reached a deal with eurozone finance ministers over the weekend for up to €100 billion ($125 billion) in financial assistance to help boost its banking system. The amount was more than expected and the agreement initially fueled a relief rally across global markets.

But Spanish bonds soon resumed their decline with yields breaching 6.5% by late afternoon amid worries that the deal will only add to the country's budget deficit.

The FTSE in London finished flat and the DAX in Germany was up a mere 0.2%.

The euro jumped to a three-week high earlier Monday but later lost steam.

"The fear remains ... that any respite for the euro area debt crisis may prove only temporary," noted Michala Marcussen, head of global economics at Societe Generale. "In focus this week is the June 17 Greek election; next comes a flurry of meeting ahead of the 28 to 29 June EU [European Union] Summit."
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $14.77 0.00%
JPM $63.79 0.00%
AAPL $93.64 0.00%
FB $118.57 0.00%
GOOG $698.21 0.00%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs