Stocks Tumble as Greek Fears Mount

U.S. stocks suffered its worst drop in two years on Monday amid growing concerns Greece may default on its debt and exit the eurozone. At close, the Dow Jones Industrial Average plunged 350.33 points, or 1.95%, to 17,596.35. The S&P 500 dropped 43.85 points, or 2.09%, to 2,057.64. The Nasdaq Composite shed 122.04 points, or 2.40%, to 4,958.47.

Stunned Greeks faced shuttered banks, long supermarket lines and overwhelming uncertainty on Monday as a breakdown in talks with international lenders plunged their country deep into crisis.

Standard & Poor’s downgraded Greece’s credit rating deeper into junk territory on Monday, saying the government’s decision to hold a referendum on creditor proposals brought it closer to default.

Microsoft Corp. is shutting down its Web display advertising business and handing operations over to AOL Inc. and AppNexus Inc., a person with knowledge of the matter said. About 1,200 jobs at Microsoft will be impacted, with some positions to be moved to AOL and AppNexus.

Following a successful government lawsuit to block the deal, Sysco Corp, the biggest U.S. food distribution company, dropped plans to merge with US Foods, its biggest rival, Sysco said on Monday.