NEW YORK (CNNMoney) -- All three U.S. stock indexes closed down roughly 1% Monday. Investors sold out of stocks on worries over the political and economic stability of the eurozone and the safety of the U.S. banking sector.
Over the weekend, Greece's political crisis appeared to worsen as parties fought to form a government. The lack of resolution heightened fears that Greece could be forced to leave the eurozone.
"Everyone is trying to figure out how much of the possibility of Greece leaving the eurozone is being factored into the market," said Frank Davis, head of trading at LEK Securities.
The Dow Jones industrial average (INDU) closed down 125 points, or 1%. The S&P 500 (SPX) lost 15 points, or 1.1%. The Nasdaq (COMP) fell 31 points or 1.1%.
Meanwhile, JPMorgan's announcement last week of a $2 billion trading loss continues to drag down bank stocks.
The dollar was stronger against the euro, but fell versus the Japanese yen and the British pound.
Oil prices for June delivery slid to a five-month low, losing $1.96 to $94.17 a barrel.
Gold futures for June delivery lost another $26.30 and reached $1,557.70 an ounce.
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