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U.S. stocks plunge following global declines

Xinhua, March 11, 2015 Adjust font size:

U.S. stocks joined global equity decreases in the morning session Tuesday, pressured by ongoing concerns about debt talks with Greece and a surge in the U.S. dollar.

At midday, the Dow Jones Industrial Average tumbled 248.56 points, or 1.38 percent, to 17,747.16. The S&P 500 sank 29.49 points, or 1.42 percent, to 2,049.94. The Nasdaq Composite Index plummeted 75.87 points, or 1.53 percent, to 4,866.57.

Overseas stock markets dropped broadly on Tuesday. European shares extended losses amid ongoing negotiations surrounding Greece, while Asian equities also largely fell with Chinese Shanghai Composite Index down 0.49 percent.

Greek debt issues have been back on the attention as Eurogroup President Jeroen Dijsselbloem said late Monday that "discussions between the Greek authorities and the institutions must and will start as from Wednesday."

He underlined the importance of close and efficient cooperation between the Greek authorities and the institutions, adding that " the commitments of no unilateral actions and no rolling-back on measures previously agreed needed to be respected at all times."

A strong U.S. dollar also rattled nervous investors. The dollar against the euro soared over 1 percent as the European Central Bank (ECB) kicked off its 1.1 trillion euro quantitative easing program on Monday. The ECB began its 60 billion euros per month bond buying program with the aim to fend off deflation and boost the eurozone economy by pumping more money.

In corporate news, chipmaker Qualcomm announced a 15-billion- dollar buyback program after Monday's closing bell. The technology giant said it will also raise its quarterly dividend by 14 percent and purchase 10 billion dollars worth of stock within 12 months. Its shares reversed early gains to trade nearly flat around midday Tuesday. Endite