EUROPE: Stocks slid after a key meeting between financial ministers scheduled for Wednesday was canceled. The abrupt notice led some investors to believe that a deal to solve Europe's debt crisis may not be as close as originally thought.
EARNINGS: Manufacturing conglomerate 3M cut its 2011 earnings forecast, and U.S. Steel warned that demand for its products could slow. Netflix Inc. plunged 35 percent after the company cut its profit forecast.
RISK OFF: Small company stocks fell far more than the broader market, a sign that investors were shunning assets perceived as being risky. The Russell 2000, an index of small companies, plunged 3 percent, reversing a gain of 3.3 percent Monday.