Europe: Markets in Europe tumbled on growing concerns about the debt crisis and how it might impact the global economy. Britain's FTSE 100 fell 2.5%, Germany's DAX lost 2.3% and France's CAC 40 slid 2.9%.
Euro/dollar: The euro lost 0.7% versus the dollar, falling to $1.2285. Earlier, the euro had dropped to within fractions of the four-year low of $1.2146 it hit earlier this month.
Asia: Asian markets were rattled by increased tension between North and South Korea, after reports said North Korean leader Kim Jong Il reportedly ordered the military to prepare for combat.
Japan's Nikkei fell 3.1% and Hong Kong's Hang Seng fell 3.5%. China's Shanghai Composite fell 1.9%.
Economy: Home prices fell in the first part of 2010, although they are up from a year ago, according to the Case-Shiller 20-city home price index. The index fell 3.2% in the first quarter from the fourth quarter of last year, although it gained 2% versus a year ago.
The index dipped 0.5% in March from February's levels, but rose 2.4% from a year ago.
The housing outlook has been mixed lately, with a report on Monday showing a spike in existing home sales in April on the back of a tax incentive that expired last month.
Consumer confidence rose in May, with a Conference Board index climbing to 63.3 from an downwardly revised 57.7 in April. Economists thought the index would climb to 58.3.
Commodities: U.S. light crude oil for July delivery fell $1.46 to settle at $68.75 a barrel on the New York Mercantile Exchange.
Washington focused on the BP (BP) oil spill in the Gulf with both the Senate and House of Representatives holding hearings. Lawmakers in the Senate argued about whether a cap on BP's liability for damages needs to be changed.
COMEX gold for June delivery rose $4 to $1,198 an ounce.
Bonds: Treasury prices rallied, lowering the yield on the 10-year note to 3.16% from 3.23% where it stood late Monday. Treasury prices and yields move in opposite directions.
