Greek-debt worries send stocks diving
Stocks plunged at home and abroad Tuesday as fears spread that Europe's attempt to contain Greece's debt crisis would fail. The euro fell to its lowest point against the dollar in a year.
The Dow Jones industrial average lost 225 points, its biggest drop in three months. The index fell 2 percent to close at 10,926.77. The slide erased a 143-point gain from Monday. Broader indexes each fell more than 2 percent.
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Stocks plunged at home and abroad Tuesday as fears spread that Europe's attempt to contain Greece's debt crisis would fail. The euro fell to its lowest point against the dollar in a year.
The Dow Jones industrial average lost 225 points, its biggest drop in three months. The index fell 2 percent to close at 10,926.77. The slide erased a 143-point gain from Monday. Broader indexes each fell more than 2 percent.
Meanwhile, Treasury prices rose on increased demand for safe investments.
The ballooning size of Greece's $144-billion rescue package has investors worried that Europe would have an even tougher time assembling an aid package if a larger country such as Spain or Portugal were to get in trouble, and that Europe's troubles could spill over to the United States.
Yesterday's slump marked the fifth time in six days the Dow rose or fell by triple digits.
Britain's FTSE 100 and Germany's DAX index dropped 2.6 percent, France's CAC-40 tumbled 3.6 percent, Greece's main index fell 6.7 percent, Spain's Ibex 35 index lost 5.4 percent and. Portugal's PSI 20 fell 4.2 percent.
- AP
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