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Stocks trimmed their losses but still ended in the red Monday, with the S&P 500 down almost 4 percent from its 2012 highs, weighed by political and economic worries in the euro zone.
“We’ve decisively broken through a key level of 1,375 [on the S&P 500] and I wouldn’t be surprised to see us test 1,350,” said Kenny Polcari, managing director at ICAP Equities.
The Dow Jones Industrial Average tumbled 102.09 points, or 0.78 percent, to close at 12,927.17, led by Wal-Mart and Bank of America . The blue-chip index was down more than 180 points at its session low.
ExxonMobil rose on the Dow after Raymond James upgraded the energy giant to "outperform" with a $100 price target.
The S&P 500 declined 11.59 points, or 0.84 percent, to finish at 1,366.94. The Nasdaq erased 30.00 points, or 1.00 percent, to end at 2,970.45.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, briefly spiked above 20 earlier in the session before finishing near 19.
All 10 S&P sectors ended lower, led by materials and consumer staples.
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