Stocks slumped in heavy volume to a 13-month low on Monday as investors dumped bank shares on fears that Greece's worsening financial crisis could cause a large European lender to fail.
Investors pegged losses to the sharp fall in Franco-Belgian financial group Dexia, which fell 10 percent after a Moody's warning about its liquidity due to concerns about exposure to Greece.
Markets have feared European officials will be unable to prevent Greece's fiscal crisis from turning into a global banking crisis. Greece said it will miss its deficit targets this year and next, which could limit the country's ability to receive more aid.
"Most investors fear that markets in Europe are going to run well ahead of politicians that are not going to be able to get any kind of reasonable solution," said Jack de Gan, chief investment officer at Harbor Advisory Corp in Portsmouth, New Hampshire.
Please note 13 is Important as per Fib magical series ..if crossed next number will be 21 ....
Dow Jones Industrial Average
(DJI: ^DJI )| Index Value: | 10,655.30 |
|---|---|
| Trade Time: | 4:05PM EDT |
| Change: |  258.08 (2.36%) |
| Prev Close: | 10,913.38 |
|---|---|
| Open: | 10,912.10 |
| Day's Range: | 10,653.34 -10,979.19 |
| 52wk Range: | 10,572.20 -12,928.50 |
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