Financial Markets Tank On Greek Worries

NEW YORK — Stocks fell sharply Wednesday, giving up all of their gains from the day before, as investors became increasingly concerned about the worsening debt crisis in Greece.

The dollar rose against the euro and U.S. government bond prices climbed as investors sought out safer assets. The yield on the 10-year Treasury note, which moves opposite its price, fell below 3 percent.

A report on manufacturing in the New York area also came in far below forecasts. That reignited fears that factory production, one of the few bright spots in the U.S. economy, may be weaker than many economists had believed.

The new jitters about Greece and what it might mean for the global financial system wiped out optimism from the day before, when stock indexes posted their biggest gains so far in June on better-than-expected retail sales.

"It's sell and ask questions later," said Steven Goldman, chief market strategist at Weeden & Co. in Greenwich, Connecticut.

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