Greek Turmoil Sent Stocks Lower

U.S. stocks finished sharply lower on Tuesday after Greece’s prime minister said he would call a national vote on an unpopular European plan to rescue that nation’s economy. The Dow plunged 297.05 points, or 2.48 percent, to close at 11,657.96 Tuesday. The S&P 500 fell 35.02, or 2.79 percent, to 1,218.28. The Nasdaq dropped 77.45, or 2.89 percent, to 2,606.96.

A surprise decision by Greek Prime Minister George Papandreou to put the nation’s latest bailout plan to a referendum renewed fears of a potentially messy default and sparked a global market rout on Tuesday as investors again questioned Europe’s ability to contain its debt crisis. The announcement — on Monday evening in Europe — of the referendum and plans for a confidence vote took investors and Greece’s euro-zone partners by surprise.

Yahoo Inc will pay $270 million for interclick inc as it tries to revive its ailing online advertising business, even as the search and advertising giant continues to scout for potential bidders.

Oil dropped Tuesday with the stock market as a surprise call for a referendum in Greece threatened to derail a plan to bolster Europe’s banks. Benchmark crude fell $1 to end the day at $92.19 per barrel in New York, while Brent crude lost 2 cents to finish at $109.54 in London.

Fans of SUVs and trucks shoved car buyers aside last month, helping propel sales in October to levels not seen since the start of the year. The shift was a boon for Detroit’s automakers, who posted sizeable increases in sales of pickups like the Chevy Silverado and Dodge Ram, big SUVs like the Ford Explorer and compact models like the Ford Escape.





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