Europe and Greece Send American Markets Tumbling
Business Week – U.S. stocks slumped, sending the Standard & Poor’s 500 Index toward its biggest decline this year, as concern grew about the success of a Greece swap deal and after a report showed that the European economy contracted.
All 10 groups in the S&P 500 retreated as financial, commodity and industrial shares had the biggest losses, falling at least 2.2 percent. Alcoa Inc. (AA), Caterpillar Inc. and Bank of America Corp. (BAC) decreased more than 3.3 percent. The Morgan Stanley (MS) Cyclical Index of companies most-dependent on economic growth slumped 2.8 percent as 29 of its 30 stocks retreated.