Stocks tumbled Tuesday on worries that the global recovery could suffer if Europe’s efforts to contain Greece’s debt problems don’t succeed, and if China’s efforts to slow its booming economy go too far.
Bond prices rallied, lowering the corresponding yields, as investors sought the comparative safety of government debt. The euro fell to a new yearly low versus the dollar, pummeling dollar-traded energy prices and stocks.
The Dow Jones industrial average (INDU) slumped 225 points, after having fallen as much as 282 points earlier. The decline, equivalent to 2%, was the average’s biggest one-day point drop since February 4. The S&P 500 index (SPX) lost 29 points, or 2.4%. The Nasdaq composite (COMP) fell 74 points, or 3%.
Full story: CNNMoney.com Market Report – CNN Money