Markets were pummeled by midday Monday, with the Dow, Nasdaq and S&P 500 all taking a beating.
The Dow Jones IndustrialAverage tumbled 208 points, or 1.8%, while the Nasdaqlost 49 points, or 1.9% and theS&P 500 fell 20 points, or 1.7%. The moves largely erased the gains made in Friday’s rally.
Investors were mostly concerned about European debt woes, as Germany signaled its�reluctance�to back a quick-fix for the region’s troubles: Markets had soared in anticipation of the Oct. 23 summit, at which European officials had planned to unveil a comprehensive strategy to deal with the euro-zone sovereign-debt crisis. Yet today,�Chancellor Angela Merkel signaled she thought it would not be possible to find a solution to all the debt problems at the meeting.
Disappointing earnings from companies including Wells Fargo (WFC), �and Gannet (GCI) also weighed on markets, while concerns overshadowed otherwise decent reports from�Halliburton (HAL) and Citi (C).
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