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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV