Stocks tumbled Monday as financials and commodities sold off amid jitters about the global recovery.
The Dow Jones Industrial Average dropped 103.84, or 1 percent, to close at 9,908.39, the first time its closed below 10,000 since November. The S&P 500 shed 0.9 percent and the Nasdaq lost 0.7 percent
Worries about debt problems in Greece, Portugal and Spain have dragged on markets across the globe for the past week as many worry that these are the next shoes to drop. European finance ministers tried to reassure Group of Seven leaders that the debt situation there is under control but it hasn't been as easy convincing investors, who are backing away from riskier bets.
In addition to battling debt, Greece is faced with an assault on another front: Organized labor. Unions are threatening more strikes if the Socialist government goes through with a tough cost-cutting plan.
In today's action, Bank of America
|
||
[BAC 14.48 
-0.52 (-3.47%) 
] and Travelers
|
||
[TRV 49.05 -1.23 (-2.45%) ] were the biggest drags on the Dow.
Home Depot and HP were the only Dow components that ended higher.
Home Depot
|
||
[HD 28.59 
0.61 (+2.18%) ] gained over 2 percent after Morgan Stanley raised its rating on the stock to "overweight" and added it to its "Best Ideas List."
"After avoiding the stock for years, we are optimistic on Home Depot's prospects as housing begins its recovery," Morgan analysts wrote in a reserach note, citing margin potential as the industry recovers.
Disney
|
||
[DIS 29.48 -0.06 (-0.2%) ] and ExxonMobil
|
||
[XOM 64.35 -0.45 (-0.69%) ] also received analyst upgrades but ended the day lower.
The U.S. economic calendar is pretty light the next few days. Later in the week, a few important reads on the consumer: The government's retail-sales report and consumer sentiment.
