Greek Debt Fears Batter Stocks

(TheStreet) -- U.S. stocks were falling amid heightened fears of a Greek collapse and President Obama taking a strong stance on a deficit reduction plan that relies heavily on tax increases for wealthy Americans. The president said that his plan, which is expected to face significant opposition from Republican lawmakers, would neither be easy or politically convenient. "This is not class warfare, it's math," said Obama during a speech. Obama's deficit reduction plan calls for $1.5 trillion in news taxes, the bulk of which would come from repealing the Bush tax cuts for those making more than $250,000. After opening lower by triple digits, the Dow Jones Industrial Average was still down 196 points, or 1.7%, to 11,313. The index drifted up slightly after hitting a session low of 11,259 before the President's remarks. The S&P 500 was falling 20.3 points, or 1.7%, at 1196, and the Nasdaq was down 27.6 points, or 1.1%, at 2594.6. Continue reading the article.