Market Falls On Failed Europe Debt Bailout: Acadiana Business Index
The Dow Jones Industrial Average lost 100 points to 11,766.
Trading volume was light as many investors were closing their books for the year.
S&P financials tumbled 2.3%, by far the session's worst performer. Bank of America fell below $5 for the first time since March 2009, as investors worried about the outlook for the global economy.
Caterpillar said that global sales of its construction and mining machinery rose 30% in the three months to the end of November.
Grocery-store operator BI-LO agreed to take Winn-Dixie Stores private in a deal that values the grocery chain at about $560 million.
And, Georgia-based lender, Money Tree, filed for Chapter 11 bankruptcy protection after thousands of its borrowers fell behind on their payments.
Light, sweet crude closed at $93.88 a barrel on the New York Mercantile Exchange.
And gold settled at $1,597 an ounce.