European Woes Hammer Wall Street, Volatility Spikes

FOX Business: The Power to Prosper Stocks sold off on Tuesday after the reemerging threat of a Greek default and the specter of another recession for the already beleaguered eurozone sent traders darting out of risky assets. Today's Markets As of 12:50 p.m. ET, the Dow Jones Industrial Average fell 193 points, or 1.5%, to 12770, the S&P 500 dipped 20.4 points, or 1.5%, to 1344 and Nasdaq Composite slumped 42.9 points, or 1.5%, to 2907. All but one Dow component was in the red, led by Caterpillar (CAT: 105.87, -4.22, -3.83%), the world's biggest maker of heavy machinery maker, which fell 4%, costing the blue-chip index more than 30 points on its own. Other big losers on a percent basis were aluminum-maker Alcoa (AA: 9.48, -0.39, -3.95%) and Bank of America (BAC: 7.72, -0.26, -3.20%). Volatility shot up by close to 16.3% as tracked by the CBOE's VIX, while traders bid up safe-haven U.S. Treasury bonds. The benchmark 10-year yield dropped 0.073-percentage points to 1.95%. Continue reading this article

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