U.S. stocks slid today after concerns resurfaced over euro-zone fiscal woes ahead of massive bank repayments to the European Central Bank and a steep drop in consumer confidence unnerved investors, according to Reuters. The S&P 500 briefly tumbled near its 2010 intraday low of 1,040.78, which analysts said could ignite further declines. The index is on track to close at its lowest level since November and on track to break its closing low for the year at 1,050.47 -- another bearish signal for markets. "This is very interesting now. This is a real critical point. If you can't hold 1,040 at this time of the day, you are set up for a pretty ugly close," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. The equity sell-off was widespread in a run of selling that began in Asia overnight and then expanded into Europe. Economically sensitive sectors such as materials, industrials and financials were among the hardest-hit sectors. Boeing Co slid 6 percent to $63.29 and Caterpillar Inc shed 5.1 percent to $61.14. Diversified manufacturer 3M Co , which raised its second-quarter sales outlook last night, was not immune to the selling pressure, dipping 0.2 percent to $78.80. Fears about the strength of the banking system surfaced again, with investors worried about a potential liquidity shortfall of more than 100 billion euros in the financial system as European banks repay 442 billion euros ($545.5 billion) in emergency loans on Thursday. U.S. consumer confidence dropped sharply in June, after rising for three months, on worries about the labor market, according to a report from the Conference Board. The news heightened fears of an economic slowdown after recent spate of weak data from the housing and job markets. "People ran back in their holes as soon as there was a problem. That's not a good sign. They are not out, they are not spending again -- the velocity of money is not going anywhere," Saluzzi added. The Dow Jones industrial average dropped 254.31 points, or 2.51 percent, to 9,884.21. The Standard & Poor's 500 Index fell 31.38 points, or 2.92 percent, to 1,043.19. The Nasdaq Composite Index lost 74.24 points, or 3.34 percent, to 2,146.48.
