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Wall Street extends losses as banks weigh

Oct 3, 2011, 10:53 a.m.
Traders work on the floor of the New York Stock Exchange September 23, 2011. REUTERS/Brendan McDermid

NEW YORK (Reuters) - Stocks extended declines on Monday on investor concern about the banking sector's exposure to a possible sovereign default in Greece and its effect on European lenders.

The Dow Jones industrial average dropped 195.71 points, or 1.79 percent, to 10,717.67. The Standard & Poor's 500 Index dropped 23.18 points, or 2.05 percent, to 1,108.24. The Nasdaq Composite Index dropped 56.52 points, or 2.34 percent, to 2,358.88.

Belgian-French bank Dexia's capital position looked increasingly stretched by its exposure to debt-laden Greece. The bank's board will hold a meeting later on Monday, a source said.

(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry)

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