The AP reported:
Stocks are falling at the close of trading as investors’ attention returns to the weak economy and Europe’s debt problems.
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The Dow Jones industrial average is down 519, or 4.6 percent, to 10,720. It’s the third time in the last five trading days that the Dow lost more than 500 points. The S&P 500 is down 51 points, or 4.4 percent, to 1,121. The Nasdaq is down 101, or 4.1 percent, to 2,381.
European bank stocks fell on worries that the region’s debt problems are getting worse. That pulled down U.S. bank stocks. Financial stocks in the S&P 500 lost more than 7 percent.