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Worsening Greek debt crisis sinks stocks, euro

The Dow, Nasdaq, and S&P 500 each closed substantially lower on Wednesday, with five shares falling for every one that rose on the New York Stock Exchange

By Chip CutterAssociated Press / June 15, 2011

Trader Todd Ingrili, works on the floor of the New York Stock Exchange Wednesday, June 15, 2011. Stocks closed sharply lower Wednesday.

Richard Drew / AP

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NEW YORK (AP) — U.S. stocks are closing sharply lower as unrest in Greece further destabilized global financial markets.

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Major indexes had their biggest drop on Wednesday since June 1.

The euro slid more than 1 percent against the dollar as the worsening Greek debt crisis undermined confidence in Europe's shared currency. A stronger dollar hurts sales for U.S. exporters.

A report on manufacturing in the New York area also came in far below forecasts.

The Dow Jones industrial average fell 179 points, or 1.5 percent, to close at 11,897. The S&P 500 index fell 22, or 1.7 percent, to 1,265. The Nasdaq fell 47, or 1.8 percent, to 2,631.

Five shares fell for every one that rose on the New York Stock Exchange. Trading volume was 4.2 billion shares.