Stocks Pummeled as Euro Anxiety Swells
Originally published on Fox Business.
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U.S. and European markets sold off on Monday as traders worried about renewed eurozone political instability and a round of weak economic data.
As of 12:30 p.m. ET, the Dow Jones Industrial Average fell 134 points, or 1%, to 12894, the S&P 500 dipped 13.3 points, or 0.96%, to 1365 and the Nasdaq Composite dropped 34.3 points, or 1.1%, to 2966.
The selloff on Monday was broad. Every Dow component besides Microsoft (MSFT: 32.11, -0.31, -0.96%) was in the red, with Wal-Mart (WMT: 59.40, -3.05, -4.88%), Bank of America (BAC: 8.17, -0.19, -2.26%) and Caterpillar (CAT: 106.55, -1.18, -1.10%) taking the heaviest losses.
Looking at the broader markets, basic materials, industrial, energy and financial companies fell by the sharpest margin. The number of shares trading hands in advancing shares outpaced that of declining shares by a ratio of more than 18-to-one on the New York Stock Exchange, according to data compiled by FOX Business.
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