I've assembled a mini wrap of what happened in the US for...

I've assembled a mini wrap of what happened in the US for Monday, not pretty

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Stocks plummeted as investors' concerns over the financial health of European governments triggered a flight to safer assets.

The Dow Jones Industrial Average dropped 130.78 points, or 1.1%, to 12381.26, for the blue-chip index's fifth drop in seven days. Technology and energy stocks led the Standard & Poor's 500-stock index to a 15.90-point decline, or 1.2%, to 1317.37, for the measure's biggest single-day point and percentage drop since March 16. The technology-oriented Nasdaq Composite lost 44.42 points, or 1.6%, to 2758.90.

Both the blue-chip index and the S&P 500 have slid for three consecutive weeks in their longest losing streak since August. The declines had been relatively shallow heading into Monday's losses.

The concern is one of contagion," J.P. Morgan Asset Management market strategist Joseph Tanious said.

Slower May manufacturing data from China also spurred traders to dump commodity-linked shares in tandem with a decline in crude oil and metals such as copper

Light, sweet crude for July delivery settled $2.40, or 2.4%, lower at $97.70 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange ended $2.29, or 2%, lower at $110.10 a barrel.

Oil prices slid from highs above $100 a barrel after manufacturing data in China suggested that the country's ferocious economic growth may be slowing.