Stocks accelerated their selloff in the final minutes of trading to close down more than 1 percent across the board Monday, as initial euphoria over Spain's bank bailout fizzled and amid ongoing fears over a global economic slowdown.
The Dow Jones Industrial Average snapped a four-day winning streak, tumbling 142.97 points, or 1.14 percent, to finish at 12,411.23. H-P and BofA led the laggards, while AT&T gained.
The S&P 500 fell 16.73 points, or 1.26 percent, to end at 1,308.93. The Nasdaq dropped 48.69 points, or 1.70 percent, to close at 2,809.73.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 23.
Most key S&P sectors ended lower, led by financials and techs.
“A lot of people were concerned over the size of the bailout—we were expecting something closer to 150-200 billion [euros] and we only got 100 billion,” said Phillip Streible, senior commodities broker at RJO Futures. “So once traders started to digest [the news], they started to take profit or sell into that rally because they think that in another 3 to 6 months, Spain’s going to have to come back and ask for additional money.”Page 1 of 4 | Next Page