The Dow Jones industrial average (INDU) fell 240 points, or 2.1%, to close at 10,913. The S&P 500 (SPX) slid 30 points, or 2.5%, to 1,131. The Nasdaq Composite (COMP) fell 65 points, or 2.6%, to 2,415.
The losses capped the biggest quarterly drop for the S&P 500 and the Nasdaq since the fourth quarter of 2008. The S&P 500 lost 14% and the Nasdaq fell 13% over the last three months.
The Dow fell 12% in the quarter, marking its worst quarterly performance since the first quarter of 2009.
The debt crisis in Europe is "all that anybody cares about," said Dan Greenhaus, chief global strategist at brokerage firm BTIG. "The worst-case scenario is a disintegration of the European banking sector."
Concerns about government debt problems in Europe intensified in the third quarter. Investors are afraid that Greece could default on its debts, setting off a banking crisis similar to the one that occurred after Lehman Brothers collapsed in 2008.
In addition, economic activity in the United States and around the world has slowed. The Federal Reserve and the International Monetary Fund both warned of increasing risks to the global economic recovery.
"It's been a very uncomfortable quarter for investors as news from Europe and now China has filtered into equity valuations," said Lawrence Creatura, a portfolio manager with Federated Clover Investment Advisors.
Looking ahead, traders said the market could find some support next month as the quarterly corporate reporting period gets underway.
But a number of potential pitfalls are on the horizon, including a crucial impasse over additional bailout funds for Greece.
Given the uncertain outlook, trading will remain volatile and investors will continue to focus on events overseas, said Creatura.
The dollar gained strength against the euro and the Japanese yen and the British pound.
Oil for November delivery fell $1.46 to $80.68 a barrel.
Gold futures for December delivery rose $14.50 to $1,631.90 an ounce.
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