The Dow Jones industrial average (INDU) dropped 179 points, or 1.5%, with all 30 of blue-chip index's stocks trading lower. The S&P 500 (SPX) slipped 22 points, or 1.7%, the Nasdaq composite (COMP) lost 47 points, or 1.8%.
News that European officials failed to reach an agreement on bailing out Greece "continues to drive fear and cues the overall downtrend in the market," said Ryan Detrick, senior technical strategist at Schaeffer's Investment Research.
Investors were also disappointed by a sour reading on regional manufacturing activity. "Today's number further confirms that activity has dropped, so that is a major concern," Detrick said.
The dollar rallied almost 2% against the euro. It also rose versus the Japanese yen and the British pound.
The stronger dollar pushed oil prices down more than 4% to their lowest level in nearly four months. Oil for July delivery sank $4.56 to settle at $94.81 barrel.
Gold futures for August delivery rose $3.40 to settle at $1,527.90 an ounce.
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