Investing.com – U.S. stocks dropped on Tuesday, with S&P 500 entering bear market territory amid growing concerns over Greece debt contagion in the global banking sector.
During early U.S. trade, the Dow Jones Industrial Average dropped 1.13%, the S&P 500 index shed 0.65%, while the Nasdaq Composite index slipped 0.05%.
Risk sentiment was hit after Eurogroup finance ministers postponed a decision on Athens' next EUR8 billion bailout package until mid-November, adding to concerns over a possible Greek default.
Meanwhile, Federal Reserve Chairman Ben Bernanke said European financial strains posed "ongoing risks" to U.S. economic growth, adding that the central bank was prepared to take further steps to stimulate growth if necessary.
Tracking losses in European banks, Citigroup and Bank of America tumbled 4.93% and 4.16% respectively, while shares in Goldman Sachs and JP Morgan Chase dropped 2.90% and 0.49%.
Goldman Sachs cut its global growth forecast for 2011 and 2012 earlier, predicting recessions in Germany and France.
Schlumberger led energy companies lower, with shares plummeting 4.38%, while Chevron fell 2.79% and Exxon Mobil shed 1.73%, as oil tumbled to its lowest level since 2010.
Meanwhile, Eastman Chemical Corporation plunged 50.09%, while semiconductor manufacturer Micron Technology saw shares sink 4.39%.
On the upside, Yahoo shares jumped 4.73%, as private equity firm Silver Lake, Alibaba Group Holding and Russia's Digital Sky Technologies were reported to be discussing a joint bid for the U.S. web portal.
Other stocks in focus included Apple software corporation, due to unveil its iPhone5, later Tuesday just in time for the crucial holiday shopping season.
Across the Atlantic, European stock markets remained broadly lower. The EURO STOXX 50 dropped 2.09%, France’s CAC 40 fell 2.35%, Germany's DAX tumbled 3.08%, while Britain's FTSE 100 declined 2.71%.
During the Asian trading session, Hong Kong’s Hang Seng Index dropped 3%, while Japan’s Nikkei 225 Index fell 1.2%.
Earlier Tuesday, official data showed that U.S. factory orders fell unexpectedly in August, dropping 0.2% after a downwardly revised 2.1% increase the previous month.
During early U.S. trade, the Dow Jones Industrial Average dropped 1.13%, the S&P 500 index shed 0.65%, while the Nasdaq Composite index slipped 0.05%.
Risk sentiment was hit after Eurogroup finance ministers postponed a decision on Athens' next EUR8 billion bailout package until mid-November, adding to concerns over a possible Greek default.
Meanwhile, Federal Reserve Chairman Ben Bernanke said European financial strains posed "ongoing risks" to U.S. economic growth, adding that the central bank was prepared to take further steps to stimulate growth if necessary.
Tracking losses in European banks, Citigroup and Bank of America tumbled 4.93% and 4.16% respectively, while shares in Goldman Sachs and JP Morgan Chase dropped 2.90% and 0.49%.
Goldman Sachs cut its global growth forecast for 2011 and 2012 earlier, predicting recessions in Germany and France.
Schlumberger led energy companies lower, with shares plummeting 4.38%, while Chevron fell 2.79% and Exxon Mobil shed 1.73%, as oil tumbled to its lowest level since 2010.
Meanwhile, Eastman Chemical Corporation plunged 50.09%, while semiconductor manufacturer Micron Technology saw shares sink 4.39%.
On the upside, Yahoo shares jumped 4.73%, as private equity firm Silver Lake, Alibaba Group Holding and Russia's Digital Sky Technologies were reported to be discussing a joint bid for the U.S. web portal.
Other stocks in focus included Apple software corporation, due to unveil its iPhone5, later Tuesday just in time for the crucial holiday shopping season.
Across the Atlantic, European stock markets remained broadly lower. The EURO STOXX 50 dropped 2.09%, France’s CAC 40 fell 2.35%, Germany's DAX tumbled 3.08%, while Britain's FTSE 100 declined 2.71%.
During the Asian trading session, Hong Kong’s Hang Seng Index dropped 3%, while Japan’s Nikkei 225 Index fell 1.2%.
Earlier Tuesday, official data showed that U.S. factory orders fell unexpectedly in August, dropping 0.2% after a downwardly revised 2.1% increase the previous month.