Summary Box: US stocks drop amid Greece upheaval

AP News
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Posted: May 08, 2012 5:05 PM
Summary Box: US stocks drop amid Greece upheaval

STOCKS DROP: Political uncertainty in debt-hobbled Europe spread to financial markets Tuesday and pushed stocks lower. The Dow Jones industrial average was down almost 200 points at its low point for the day and had its fifth straight daily decline.

BROAD LOSSES: Major indexes in Europe closed near their lowest levels in months. The euro neared a five-month low against the dollar. Commodities like oil and copper that depend on the health of the world economy plummeted.

GREECE, AGAIN? The selling was inspired by fears about political upheaval in Greece. Political parties there appear unable to form a governing coalition. Many newly elected politicians are rejecting spending cuts imposed in exchange for bailouts from international lenders.