U.S. markets joined in a global retreat Tuesday morning, as the euro's slide continued to undermine both equities and commodities.
Equity markets began to slip May 4, on concerns debt in Greece could put the euro in jeopardy. The International Monetary Fund Monday warned Spain its finances were "ill-suited to membership of a currency union," exacerbating fears that the debt crisis could spread.
Stocks tumbled 3 percent in Japan, Hong Kong, Taiwan and Australia. In midday trading in Europe, stocks were down 3 percent or more in France, Belgium and Italy. The FTSE MIB plunged 4.59 percent.
In midmorning trading on Wall Street, the Dow Jones industrial average dropped 2.05 percent, 205.94 points, to 9,860.63.
The Standard & Poor's 500 index lost 2.15 percent, 23.06, to 1,050.59. The Nasdaq composite index lost 2.42 percent, 53.52, to 2,160.03.
Oil prices, down 21 percent from the year's high, dropping to less than $68 per barrel overnight.
The benchmark 10-year Treasury note rose 16/32 to yield 3.14 percent.
The euro fell to $1.2256 from Monday's $1.238. Against the yen, the dollar fell to 89.65 yen from Monday's 90.39 yen.
In Japan, the Nikkei 225 index lost 3.06 percent, 298.51, to 9,459.89.
