Stocks Diving to Bear Market Levels
S&P slips below threshold at this morning's open
By Kevin Spak,  Newser Staff
Posted Oct 4, 2011 8:42 AM CDT
Traders work on the floor at the New York Stock Exchange in New York, Monday, Oct. 3, 2011.   (AP Photo/Seth Wenig)

(Newser) – Wall Street is getting nervous, and not because of protesters. Stocks have been plummeting hard, and are now just inches above the threshold for what traders consider a bear market. The Dow dove 240 points on Friday and another 258 yesterday, leaving it perilously close to the bear market threshold of 10,248, the Wall Street Journal reports. The S&P slid below the threshold at this morning's open.

The S&P wasn't the only thing going from bad to worse at the bell: The Dow fell about 120 points, while the S&P and Nasdaq dropped 12 and 20 points respectively. The main reason for the panic? Greece. “All the market cares about right now is Europe,” one strategist tells Bloomberg. “Every investment decision is being made through the prism of Europe and the expectation that Greece is going to default and drag the rest of the world into a recession."