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 Hammered by Eurozone Worries

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.

Within the Dow, 29 of the index's 30 components posted losses with only Wal-Mart (WMT) climbing higher.

Bank of America (BAC - Get Report), Intel (INTC) and Hewlett Packard (HPQ) were the heaviest percentage decliners among the blue chips, declining more than 3% each.

JPMorgan Chase (JPM - Get Report) is reportedly taking steps to improve risk management of its Chief Investment Office, the unit that racked up more than $2 billion of trading losses, while avoiding big bets on derivative and private-equity investments, The Wall Street Journal said, citing people close to the bank.

But the CIO intends to stick with a strategy permitting a wide variety of other, potentially risky investments, the people told the newspaper. The stock fell by about 2%.

The weakest sectors in the broad market were financials, energy and technology.

Losers outpaced gainers by a ratio of roughly 3 -to-1 on the New York Stock Exchange and on the Nasdaq.

The VIX, which measures market volatility through options activity in the S&P 500, jumped more than 10% to 20.28. A move above 20 is viewed as indicative of rising market fear.
1 of 3

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 $14.22 -3.70%
JPM $62.06 -2.70%
AAPL $93.85 0.22%
FB $117.87 -0.59%
GOOG $696.42 -0.26%


Chart of I:DJI
DOW 17,712.38 -178.78 -1.00%
S&P 500 2,060.31 -21.12 -1.01%
NASDAQ 4,763.1840 -54.41 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs