Traders at the New York Stock Exchange on Monday
"The cheap burberry bags Greek elections unnerved the market," said Andrew Slimmon, managing director at Morgan Stanley Smith Barney. "It's also the timing of all this. We had a very good first four months of the equity market. We're coming into the summer and there's the prevailing 'sell in May, go away' idea." Talks among Greece's leading political parties to form a new coalition government languished, raising fears the country may not be able to implement agreed budget cuts and overhauls. European stocks sank, as the Greek political deadlock fueled fears of further economic turmoil in the euro zone, pushing the Greek stock index to its lowest finish in nearly two decades. The Stoxx Europe 600 index sank 1.7%. Greece's ASE Composite Index closed at its lowest level since November 1992, dropping 3.6%. The U.K.'s FTSE 100 fell 1.8% and turned negative for the year. Among major indexes, the German DAX index lost 1.9% to 6444.74, France's CAC-40 index lost 2.8% to 3124.80, and the U.K.'s FTSE 100 index fell 1.8% to 5554.55, and turned negative for the year. "Overseas, there's a problem there. I think it's going to spill over into other burberry men underwear markets," said Stephen J. Carl, head equity trader at the Williams Capital Group in New York. "I thought the selling would be more rapid than it is." Reuters Traders at the New York Stock Exchange on Monday. The worries over Greece overshadowed the National Federation of Independent Business's small-business optimism index, which rose in April. The index's reading was the highest since December 2007. In Germany, economic data showed industrial production rose more than expected in March. Asian markets were mixed following Monday's sharp losses, with Japan's Nikkei Stock Average rising 0.7%. China's Shanghai Composite eased 0.1%. More Live: Markets Pulse MarketBeat: Bears Maul Gold, Stocks, Euro MarketBeat: Don't Yawn On Greece Wendy's Swings to First-Quarter Profit CFO Journal: Cheaper Gas May Fuel Growth Crude-oil prices fell 0.9% to finish at $97.01 a barrel. Crude has fallen 8.6% in the past five sessions. The dollar rose against the euro but lost ground against the yen. In corporate news, Fossil plunged $47.25, or 38%, to $78.52, after the watch company cut its 2012 financial targets and reported lower-than-expected first-quarter sales amid soft European demand. Dun & Bradstreet skidded 10.66, or 14%, to 65.04, as the commercial-information bestseller burberry cheapest black leather shoes for men company said core revenue will be mostly flat and said it would cease operating a China-based business that is under investigation.