Stocks kicked off the week with sharp losses, with all three major averages posting their worst one-day performance this year, amid renewed worries over Europe and as investors took a pause after the Dow topped 14,000 for the first time since October 2007 last week.
The Dow Jones Industrial Average [ .DJI 17164.95 -251.90 (-1.45%) ] dropped 129.71 points, or 0.93 percent, to close at 13,880.08, dragged by Travelers and Merck, after finishing above the psychologically-important 14,000 level for the first time since October 2007 last Friday.
The S&P 500 [ .SPX 1994.99 -26.26 (-1.30%) ] slumped 17.46 points, or 1.15 percent, to finish at 1,495.71. The Nasdaq [ .IXIC 4635.24 -48.17 (-1.03%) ] tumbled 47.93 points, or 1.51 percent, to end at 3,131.17. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, surged near 15.
All key S&P sectors finished in negative territory, led by financials and techs.
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