US stocks notch worst day of year as Greek crisis escalates
NEW YORK —Global stock markets are stumbling as investors worry about fallout from Greece’s deepening debt troubles as talks between the country and its creditors broke down over the weekend.
Greece has shuttered its banks to prevent nervous depositors from pulling their money out, and the country faces a deadline Tuesday to may a big debt payment.
The Dow Jones industrial average dropped 350 points, or 2 percent, to 17,596 Monday.
The Standard & Poor’s 500 index sank 43 points, or 2.1 percent, to 2,057.
The Nasdaq composite tumbled 122 points, or 2.4 percent, to 4,958.
European markets fell even more. Stocks fell 3.6 percent in Germany and 3.7 percent in France.
Bond prices rose sharply as investors sought safety. The yield on the 10-year Treasury note fell to 2.32 percent.