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Europe’s debt crisis could again eclipse most other market factors Tuesday as traders count down to the European leaders summit later in the week.
Fears that the European debt crisis will continue to drain strength from the global economy and concern the EU leaders will make little progress this week weighed on stocks and oil but pushed gold and the dollar higher Monday.
“I still think they have to come up with something material at the summit,” said Boris Schlossberg, managing director of FX Strategy at BK Asset Management. “Nobody expects them to do something about euro bonds. I think it’s pretty much off the table. But some sort of pan-European banking system that would guarantee deposits is definitely necessary. Otherwise, they’re facing this chronic risk of bank runs. I think they understand they just can’t let things be.”
The Dow sank 138 points to 12,502, and the S&P 500 fell 21 to 1313, while the Nasdaq lost 56 points to 2836. Tech was the worst S&P sector, losing 2.2 percent, followed by financials, down 2.1 percent. Energy stocks were down 1.9 percent, as oil futures on Nymex ended down 55 cents at $79.21 a barrel.
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