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Financials Lead Dow's Slide


NEW YORK—U.S. financial stocks slid in a broad global stock-market slide, as Greece's plans for a referendum fueled worries that the euro-zone bailout plan might fall apart.

The Dow Jones Industrial Average sank 282 points, or 2.4%, to 11673 in late-morning Tuesday trade, led lower by J.P. Morgan Chase's 6.5% fall and Bank of America's 5.9% drop. The Dow's decline came after the blue-chip index slid 276 points on Monday, its biggest-point drop since late September.

Associated Press

The Dow posted its biggest monthly point gain it its history.

Greece announced after European markets had closed on Monday that it would hold a referendum on the government's deal with euro-zone leaders, which raised uncertainties over whether the bailout plan would survive. Greece also called for a confidence vote in parliament on Friday.

"The market is rapidly running out of confidence that Greece will get its house in order, pronto," said Peter Kenny, managing director at Knight Capital Group. "There is real concern over this Greek referendum. This was an unexpected event that was nowhere on the horizon. And unexpected events are generally not well received by the market."


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