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Wall Street suffered through another rough day Monday, with stocks dropping more than 1 percent on worries over the effect the European debt crisis would have on the global economy.
U.S. crude oil prices slipped amid the growth concerns, pulling down shares of energy companies, while banks shares also slipped.
Defensive stocks, utilities in particular, helped limit losses but the major indexes all lost more than 1 percent.
The biggest selling pressure came from cyclicals but was broad-based. All 10 sectors in the Standard & Poor's 500 went negative. Energy and financial stocks fell more than 2 percent each, while consumer staples and utilities suffered the least damage.
The impetus for the market's aggressive selloff, which comes after last Thursday's 251-point drop in the Dow, was the familiar fear that the euro zone was on the cusp of imploding.
"What's driving the trade is the dawning recognition that the euro zone is fatally flawed and it's dragging down the rest of the world economy with it," said Walter Zimmerman, senior technical analyst at United-ICAP in Jersey City, N.J. "For a while now the problem in Europe has been blindingly obvious everywhere except Europe."
On the major indexes, Wal-Mart was the only positive stock of the Dow industrials. Banks took a beating, with Bank of America leading the parade of red numbers. Intel and Caterpillar each shed more than 2 percent.
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