U.S. stocks closed sharply lower amid a resurgence of concerning news about Europe's debt crisis.
At the close, the Dow was down 131, or 1 percent, at 12,381. The S&P 500 index is down 16, or 1.2 percent, at 1,317. The Nasdaq composite index lost 44, or 1.6 percent, to 2,759.
The Toronto Stock Exchange was closed for the Victoria Day holiday and will reopen on Tuesday.
Four stocks fell for each one that rose on the New York Stock Exchange. Volume was 3.4 billion shares.
The Dow Jones industrial average had slipped as far as 180 points before paring some of its losses. Another downgrade of Greece's credit rating, a warning on Italy's debt and Belgium's economy, and a defeat of Spain's ruling party caused worries about Europe to flare up again.
That sent the euro to its lowest levels in two months against the dollar. It last traded at $1.4056 (U.S.).
Oil slid 2.7 per cent to $97.42 a barrel. Gold rose to its highest in two weeks, closing at $7.80 to $1,516.70 an ounce.