Stocks closed considerably lower after A resignation from Greece's finance minister exacerbated the situation there. Spain's official request to help its banking system sent stocks down worldwide. At the market close, the Dow was down over 1%, the S&P 500 fell more than 1-1/2% and the Nasdaq was down nearly 2%.
Among big losers on the Dow, Bank of America (NYSE:BAC) and Hewlett Packard (NYSE:HPQ)... Both down over 4%.
European leaders will meet for two days starting Thursday, but theres little hope for any sort of resolve from the summit.
Meanwhile, a report on new home sales was better than expected for the month of May. This announcement highlights at least one bright spot in the American economy.
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