New York, NY (AP) - Stocks took their biggest drop in two weeks
after the German government played down hopes that Europe's debt
crisis would be resolved soon.
Expectations that a solution could be reached at an upcoming
European summit lifted stocks last week. But Germany's finance
chief said Monday those expectations were too optimistic.
For the major indexes, it was the worst day since Oct. 3. The
Dow Jones industrial average dropped 247 points, or 2.1 percent, to
close at 11,397.
The S&P 500 index lost 24, or 1.9 percent, to 1,201.
The Nasdaq fell 53, or 2 percent, to 2,615.
Weak corporate earnings reports also pulled stocks lower.
Nearly five stocks fell for every one that rose on the New York
Stock Exchange. Trading volume was below average at 3.7 billion
(Copyright 2011 by The Associated Press. All Rights Reserved.)