iOS app Android app More

Stocks plunge as Italy appears headed for gridlock

stumbleupon: Stocks plunge as Italy appears headed for gridlock   digg: US Works With Sudan Government Suspected Of Aiding Genocide   reddit: Stocks plunge as Italy appears headed for gridlock   del.icio.us: Stocks plunge as Italy appears headed for gridlock

February 25, 2013 04:10 PM EST | AP


NEW YORK — Stocks are dropping sharply as investors worry that Italy could be seized with political paralysis, stymieing the country's economic reforms and causing another flare-up in the region's debt crisis.

The Dow Jones industrial average plunged 216 points to 13,784 Monday, a loss of 1.6 percent and the biggest drop since November.

The Standard & Poor's 500 dropped 27 points, or 1.8 percent, to 1,487. The Nasdaq lost 45 points to 3,116.

An early gain was gone by midday after reports from Italy suggested that the country was headed for political gridlock following strong gains by former premier Silvio Berlusconi and a protest campaign led by a former comedian.

Four stocks fell for every one that rose on the New York Stock Exchange. Volume was average, 3.8 billion shares.