NEW YORK ( TheStreet) -- Stocks were hammered Monday as investors fled riskier assets on concerns about Europe's ability to address its escalating debt problems.
The latest batch of worrisome headlines from across the pond included Cyprus reportedly asking for a bailout, the resignation of Greece's finance minister and Spain making its own formal request for funding to solidify its banking system.
Europe's leaders are slated to meet later this week to formulate a plan to stabilize the region but growing pessimism about their ability to reach a workable compromise was the fueled for the sell-off, which saw safe havens like gold, bonds and the dollar find buyers.
The Dow Jones Industrial Average shed 138 points, or 1.1%, to close at 12,502. The blue-chip index lost 1% last week in its first weekly decline of the month.The S&P 500 fell 21 points, or 1.6%, to finish at 1314. The Nasdaq was hit the hardest, plunging 56 points, or nearly 2%, to close at 2836.
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