DOW - Horrible!

Dow 9,870.30 -268.22 -2.65%

4:30 pm : Market participants sought safety after growth concerns triggered a global selloff that sent the S&P 500 to its lowest intraday level and closing level since November.

Sellers controlled trade since the start of the session. Their efforts were stirred by concerns that global growth might not be so strong after China, a leading force in the global recovery, had its leading economic indicators for April slashed to show a tepid 0.3% increase from the previously reported 1.7% surge.

Matters weren't helped by worries about a potential liquidity squeeze in Europe after the European Central Bank refused to extend liquidity measures to banks. Spanish banks are reportedly lobbying for the program's expiration to be reconsidered.

Though a small dose, U.S. data did nothing to quell concern among market participants. Specifically, the Consumer Confidence Index for June came in at 52.9, which was well short of the 62.0 that had been widely expected and also well below the 62.7 that was posted for the prior month.

Sellers never really let up on stocks. So successful were their efforts that only one stock in the S&P 500 -- Zimmer Holdings (ZMH 54.60, +0.03) -- was able to eke out a gain. The broad-based selloff sent the benchmark index to its lowest level of the year in late trade. It closed just a few points above that mark following from a faint flurry of buying into the close.