A dramatic plunge toward the end of the day turned a mildly bad day into a serious slump on Monday as the Dow ended the day down 143 points, or 1.1%. The index traveled more than 250 points from its top to its bottom, hitting a high of 12,650 early in the day and a low of 12,398 just before the close. The S&P 500 fell 16.7 points, or 1.3%.
The day started out optimistically enough, with stocks rising on news that Spain had asked for a bailout and received a pledge of 100 billion Euros. But Spanish bond investors quickly soured on the deal, sending yields higher, and fear spread through the Euro Zone. Italian bond yields also spiked.
Bank stocks in the U.S. took a beating, as Bank of America (BAC)� fell 3.7% and JPMorgan Chase (JPM) dropped 2.6%.
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