Dow Plummets on Europe Fears

    The New York Stock Exchange is shown, Tuesday, Aug. 9, 2011 in New York. Stocks tanked again Tuesday as many global markets entered official bear market territory after one of the worst days on Wall Street since the collapse of Lehman Brothers in 2008.(AP Photo/Mark Lennihan)

    Mark Lennihan / AP Photo

    Perhaps Europe’s plan to avoid a market meltdown was greatly exaggerated. U.S. stocks fell sharply Monday on fears that Europe’s debt negotiations were stalling. The Dow plummeted 247 points, after vaulting 166 points on Friday. The S&P’s 500-stock index dropped 24 points, and the NASDAQ tumbled 54 points. News that a deadline for a euro-zone plan was set for Oct. 23 first inspired confidence in markets, but after a representative of Germany’s Angela Merkel said there was little hope to solve all the debt problems by that date, European stocks immediately fell.

    Read it at Wall Street Journal