Dow Jones Hit by Crisis Euro Zone

NEW YORK - U.S. stocks tumbled on Monday as market concerns on the worsening debt crisis adds to Europe so the market downturn that has hit hard on Friday by a dismal U.S. economic data. The Dow Jones Industrial Average closed down 151.44 points (1.20 percent) to 12,505.76.

S & P 500 shed 24.31 points (1.81 percent) to end at 1319.49, while the Nasdaq composite index fell 57.19 points (2.00 percent) to 2802.62. It follows a sharp fall in European markets because of political leaders and bankers in the debt talks continue to disagree Greece on how to prevent the default (default) as well as by Athens, and because of concerns have also spread to Italy which owes a lot.

The announcement on Friday that the U.S. economy has produced almost no new jobs in June, and that the unemployment rate rose to 9.2 percent, also continue to weigh on investor sentiment. All 30 Dow blue chip stocks are in red, and the big banks hit hard, namely Bank of America lost 3.3 percent, JPMorgan Chase fell 3.2 percent, and Citigroup fell 5.3 percent.