Investing.com - U.S. stocks sank on Monday after the European summit failed to energize the euro zone and tech giant Intel slashed its revenue forecast.
At the close, the Dow Jones Industrial Average gave back 1.35%, the S&P 500 dropped 1.60% and the Nasdaq Composite index sank 1.34%.
Concerns over the survival of the euro zone sent European shares sharply lower with U.S. stocks following.
Disappointing news of the European Central Bank not instituting aggressive measures to stem the debt crisis triggered the world wide sell off.
Fears of the European debt contagion spreading out of control were exasperated when rating agency Moody's stated it plans on reviewing the credit ratings of euro zone nations during the first quarter of 2012.
Stanley Nabi of Silvercrest Assset Management Group advised Bloomberg, “The European stopgap may not be successfully implemented. In order for this program to be successful, there’s going to have to be a lot of belt tightening. That means that the European economy is not going to do well at all. That would have negative impact on other countries around the globe.”
Financial shares led the market lower. Morgan Stanley plunged 6.11% while Citigroup gave back 5.39% on the session.
Metal based stocks were also sharply lower with Alcoa dropping 3.01% and Haliburton giving back 4.46%.
The tech sector wasn't spared the carnage with Intel tumbling 4.04% after slashing its revenue forecast.
On a bullish note, Vulcan Materials surged 24.59% after a hostile takeover attempt hit the newswire.
Across the Atlantic, European stock markets closed down sharply, with financial names leading the slide. The EURO STOXX 50 gave back 3.12%, France's CAC 40 fell 2.61%, Germany's DAX sank 3.36%, while Britain's FTSE 100 dropped 1.83%.
Earlier, the U.S. budget deficit sank less than expected adding a bit of economic good news to the bearish session.
At the close, the Dow Jones Industrial Average gave back 1.35%, the S&P 500 dropped 1.60% and the Nasdaq Composite index sank 1.34%.
Concerns over the survival of the euro zone sent European shares sharply lower with U.S. stocks following.
Disappointing news of the European Central Bank not instituting aggressive measures to stem the debt crisis triggered the world wide sell off.
Fears of the European debt contagion spreading out of control were exasperated when rating agency Moody's stated it plans on reviewing the credit ratings of euro zone nations during the first quarter of 2012.
Stanley Nabi of Silvercrest Assset Management Group advised Bloomberg, “The European stopgap may not be successfully implemented. In order for this program to be successful, there’s going to have to be a lot of belt tightening. That means that the European economy is not going to do well at all. That would have negative impact on other countries around the globe.”
Financial shares led the market lower. Morgan Stanley plunged 6.11% while Citigroup gave back 5.39% on the session.
Metal based stocks were also sharply lower with Alcoa dropping 3.01% and Haliburton giving back 4.46%.
The tech sector wasn't spared the carnage with Intel tumbling 4.04% after slashing its revenue forecast.
On a bullish note, Vulcan Materials surged 24.59% after a hostile takeover attempt hit the newswire.
Across the Atlantic, European stock markets closed down sharply, with financial names leading the slide. The EURO STOXX 50 gave back 3.12%, France's CAC 40 fell 2.61%, Germany's DAX sank 3.36%, while Britain's FTSE 100 dropped 1.83%.
Earlier, the U.S. budget deficit sank less than expected adding a bit of economic good news to the bearish session.