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Stocks tumble on U.S. Europe debt worries

Originally published: November 21, 2011 10:39 AM
Updated: November 21, 2011 8:27 PM
By MATTHEW CRAFT AND DANIEL WAGNER  The Associated Press

Quick ReadA 12-member bipartisan panel is supposed to agree on at least $1.2 trillion in budget cuts by Wednesday. But the panel appeared ready to admit failure on Monday.

A trader watches trading screens intently as stocks

Photo credit: Getty Images | A trader watches trading screens intently as stocks dived Monday on anxiety over a U. S. political stalemate over budget negotiations and debt crises in Europe. (Nov. 21, 2011)

The Dow Jones industrial average lost almost 250 points Mondayas investors despaired over debt problems at home and abroad.

Members of the congressional special committee, created in August to come up with $1.2 trillion in deficit cuts over 10 years, indicated all day there would be no deal. After the market closed, the committee's bipartisan leadership made it official.

"They're essentially...

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