U.S. stocks tumbled as fears of contagion around a Greek default picked up, adding more pessimism to a foreboding mix of U.S. economic data, the Wall St Journal reports.
A market rally ends as turmoil in Greece dampens outlooks. Plus, Pandora shines on its opening day, a look at what the Fed is planning, and why investors should take a look at equities.
The Dow Jones Industrial Average sank 179 points, or 1.5%, to 11934 in midday trading, wiping out the week's gains. The Standard & Poor's 500-stock index fell 22 points, or 1.7%, to 1266 and the Nasdaq Composite shed 41 points, or 1.5%, to 2638.
The declines were led by bank and materials stocks. Bank of America fell 3.1% and J.P. Morgan Chase skidded 2.6%, while Alcoa was off 2.4% and Home Depot declined 2%. Defensive sectors, including health care, utilities and telecommunications, were relatively strong.
Greek fears intensified after euro-zone officials failed to make progress on discussions about Greek aid and protests against austerity measures turned violent in Athens. Greek bonds were pummeled, sending yields to their highest levels since the inception of the euro…..
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