U.S. stocks plunge over 3% on jobs data, European fears (2)

Selloff in the stock market accelerated into the close of the session, along with the slide of the euro.

The euro broke below the 1.20-dollar level for the first time since 2006, after Hungary's warning heightens sovereign-debt fear, saying that the economy had been left in a "grave situation" and that talk of a default wasn't "an exaggeration."

A sliding euro indicates waning confidence on Europe's ability to contain the debt crisis in some countries, which unsettled stock investors. The euro has fallen more than 10 percent since April 26, the day the Dow hit its highest level of the year.

Risk aversion drove investor out of equities and commodities markets. Crude oil tumbled more than 4 percent and settled at the lowest level since May 26.

Source: Xinhua

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