Market Mauled, No Safety In Gold, As Europe Fears Flare.

The article reports that major indexes were down over 1% as the political woe in Greece raised questions over whether the government will pursue its austerity plans or potentially exit the common currency. The scenario reportedly pushed the euro below 1.30 U.S. dollars. Dow Jones industrial average was down 157 points, the S&P dropped 17 points and the Nasdaq fell 43 points. Meanwhile, gold prices dropped under 1,600 U.S. dollars per ounce before recovering some of the losses.