Global stocks extend losses on Greece, European shares hit 2-month closing low

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US stocks extended losses, with indexes tumbling more than 2 percent as fears grew that the financial rescue package for Greece may not be enough to prevent a sovereign debt crisis from spreading.

The Dow Jones industrial average dropped 225.06 points, or 2.02 percent, to 10,926.77. The Standard & Poor's 500 Index lost 28.66 points, or 2.38 percent, to 1,173.60. The Nasdaq Composite Index shed 74.49 points, or 2.98 percent, to 2,424.25.

European shares fell to a two-month closing low, as investors' confidence was rattled by growing concerns that a massive bailout for Greece may be insufficient in preventing a wider euro zone debt crisis.

The pan-European FTSEurofirst 300 provisionally closed 3 percent lower at 1,033.18 points, its lowest closing level since early March.

The index crossed into negative territory for the year, down 1.2 percent. It rose nearly 26 percent in 2009.

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