Reuters
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The markets sustained heavy losses on Monday, a stark contrast from last week's strong rally, as traders reacted to another batch of gloomy news on Europe's sovereign debt crisis.
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As of 10:13 a.m. ET, the Dow Jones Industrial Average slid 234 points, or 2%, to 11,275, the S&P 500 dipped 25.5 points, or 2.1%, to 1,190 and the Nasdaq Composite tumbled 52.6 points, or 2%, to 2,569.
The energy and financial sectors sustained the strongest selling on Monday, but every sector was sharply in the red. Indeed, every Dow component was lower, with industrials like Caterpillar (CAT: 83.12, -2.78, -3.24%) and Boeing (BA: 63.26, -2.12, -3.24%) falling the most.
The markets posted a five-day rally last week, with the blue chips soaring 517 points, or 4.7%, pushing the Dow to the highest point since late-August. However, sentiment quickly took a turn for the worse on Monday as the euro zone crisis once again took center-stage.
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Mounting Euro Worries Pummel Wall Street | Fox Business
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Mounting Euro Worries Pummel Wall Street
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