European stocks as well as the euro dropped as optimism from last week's euro crisis summit yielded to tough questions about the EU's ability to avert fresh crises.
German Chancellor Merkel is pushing guarantees of greater fiscal discipline in exchange for a more assertive European Central Bank role in addressing the eurozone debt crisis.
Oil prices rose above $108 per barrel in the wake of new sanctions on Iran. The US, Canada, and Britain announced new sanctions on Iran's energy and finance sectors.
Referendum to be called in Greece: Prime Minister George Papandreou called for a referendum that may further destabilize the economy in Europe and undermine euro.
European politicians reacted angrily and financial markets slid after Greek Prime Minister Papandreou stunned Europe with the announcement of a Greek referendum on latest aid package.
Crude oil prices dropped more than $3 a barrel on Monday to about $83. The drop brings crude oil prices down more than $30 since May.
$4 gas is the average cost per gallon in six US states now. Will $4 gas spread across the country?
Congress has the sense to not spend the money of an already broke US on foreign governments.