In this photo taken Oct. 11, 2011, trader John Santiago, left, works on the floor of the New York Stock Exchange. Further signs that a big plan to deal with Europe's debt crisis will be announced within a week put markets in a positive mood Monday, Oct. 17, 2011, but investors remain wary about whether an effective resolution can emerge over such a short period. (AP Photo/Richard Drew)
In this photo taken Oct. 11, 2011, trader John Santiago, left, works on the floor of the New York Stock Exchange. Further signs that a big plan to deal with Europe's debt crisis will be announced within a week put markets in a positive mood Monday, Oct. 17, 2011, but investors remain wary about whether an effective resolution can emerge over such a short period. (AP Photo/Richard Drew)
NEW YORK (AP) ? Stocks took their biggest drop in two weeks after the German government played down hopes that Europe's debt crisis would be resolved soon.
Expectations that a solution could be reached at an upcoming European summit lifted stocks last week. But Germany's finance chief said Monday those expectations were too optimistic.
For the major indexes, it was the worst day since Oct. 3. The Dow Jones industrial average dropped 247 points, or 2.1 percent, to close at 11,397.
The S&P 500 index lost 24, or 1.9 percent, to 1,201.
The Nasdaq fell 53, or 2 percent, to 2,615.
Weak corporate earnings reports also pulled stocks lower.
Nearly five stocks fell for every one that rose on the New York Stock Exchange. Trading volume was below average at 3.7 billion shares.
Associated Presslynyrd skynyrd zach galifianakis jessica chastain jessica chastain new era new era alexander
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