Dow dips over eurozone debt worries

A trader on the floor of the New A trader on the floor of the New York Stock Exchange moments before the closing bell as U.S. stocks rallied Friday. (Feb. 1, 2013) Photo Credit: Getty Images

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Stocks slid Monday as renewed worries about the eurozone crisis caused the market to pull back from recent gains.

The Dow Jones industrial average was down 129.71 points at 13,880.08. The losses follow Friday's market climb that left the Standard & Poor's 500 at a five-year high and the Dow above 14,000.

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"The market is extended and due for a pullback. I think people are looking for an excuse to make sales, and there [is] the concern coming from Europe," said Michael James, senior trader at Wedbush Morgan in Los Angeles.

Worries grew about the eurozone's sovereign debt crisis. Spain's prime minister faced calls to resign over a corruption scandal, while a probe of alleged misconduct involving an Italian bank was expected to widen three weeks before a national election.

Shares of McGraw-Hill shed 13.78 percent to $50.30, their worst daily percentage decline since the October 1987 market crash, after news the U.S. Justice Department plans to sue its Standard & Poor's unit over its mortgage bond ratings.

U.S. Commerce Department data showed overall factory orders for December were below economists' expectations.

The S&P 500 index was down 1.15 percent at 1,495.71. The Nasdaq composite index was down 1.51 percent at 3,131.17. -- Reuters

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