Stocks Sink, Pushing S&P to a New Low for the Year

By: Associated Press
By: Associated Press

New York, NY (AP) - The latest setback in Europe's financial crisis is sending stocks sharply lower. The S&P 500, the benchmark for most U.S. stock funds, slumped to its lowest level of the year.

Markets fell worldwide after Greece said it will miss deficit reduction targets it agreed to as part of its bailout deal. Concerns Greece is closer to defaulting on its debt overshadowed a stronger reading on U.S. manufacturing.

The Dow Jones industrial average fell 258 points, or 2.4 percent, to 10,655. The S&P 500 lost 32, or 2.8 percent, to 1,099. The Nasdaq composite plunged 80, or 3.3 percent, to 2,336.

Nine stocks fell for every one that rose on the New York Stock Exchange. Volume was heavy at 5.8 billion shares.

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