Stocks Plunge on Weak Economic Data, Concerns over Debt Crisis in Greece

Stocks plunged in trading today, erasing their gains from Tuesday as weak economic data and concerns over the sovereign debt crisis in Greece weighed down investors’ sentiment. The economic data released earlier in the day once again signaled that the U.S. economy is weakening. Meanwhile, the debt crisis in Greece worsened, raising fears of a contagion in the euro zone.

The Dow Jones ended the day 1.48% lower at 11,897.27, the S&P 500 ended the day 1.74% lower at 1,265.42, and the Nasdaq ended the day 1.76% lower at 2,631.46.

All sectors in the S&P 500 fell sharply in trading today, with Energy and Basic Materials stocks leading the declines. Basic Materials stocks ended the day 2.19% lower, while Energy stocks ended the day 2.28% lower. Technology stocks also fell sharply in trading today, ending the day 2.03% lower.

Among the major losers in trading today were SunPower Corporation (NASDAQ: SPWRA), which ended the day 14.56% lower at $17.66, Owens-Illinois Inc. (NYSE: OI), which ended the day 13.54% lower at $25.54, Renren Inc. (NYSE: RENN), which ended the day 9.07% lower at $7.52, and Finisar Corporation (NASDAQ: FNSR), which ended the day 6.88% lower at $17.73.

Among the major gainers in trading today were DST Systems Inc. (NYSE: DST), which ended the day 12.83% higher at $54.51, Pandora Media Inc. (NYSE: P), which ended the day 8.88% higher at $17.42, and Korn/Ferry International (NYSE: KFY), which ended the day 6.64% higher at $22.95.

In the commodities market, crude oil fell sharply in trading today on concerns over the debt crisis in the euro zone and weakening U.S. economy. Crude oil for delivery in July fell $4.58 to settle at $94.81 a barrel on the New York Mercantile Exchange. In London, Brent crude for delivery in July fell $3.06 to settle at $117.10 a barrel on the ICE Futures Europe exchange.