U.S. markets were down early Monday, with investors concerned about debt crises in Europe.
During the weekend, German Chancellor Angela Merkel rebuffed pleas from the leaders of Spain, France and Italy on the concept of providing direct financial assistance to banks, rather than to governments, which adds to their debt burdens.
In midmorning trading, the Dow Jones industrial average shed 156.21 points, 1.24 percent, to 12,484.57. The Standard & Poor's 500 index gave up 22.05 points, 1.65 percent, to 1,312.87. The tech-heavy Nasdaq composite index lost 53.95 points, 1.87 percent, to 2,838.47.
The benchmark 10-year treasury note rose 19/32, pushing yields down to 1.613 percent.
The euro fell to $1.248 from Friday's $1.257. Against the yen, the dollar fell to 79.50 yen from 80.43 yen.
In Tokyo, the Nikkei 225 index shed 0.72 percent, 63.73, to 8,734.62.
