U.S. Stocks Give Up Yesteday's Gains With Euro-Zone In Focus Again

Stocks have resumed their losing ways as the markets again turn to Europe, which appears to be burning. Essentially all of Tuesday's gains have now evaporated.

At 11AM, the Dow is down 430 point, Nasdaq is down 87 and the S&P 500 is down 45.

Banks in Europe are under heavy pressure on speculation France will be downgraded, despite reassurance from the rating agencies the rating is in tact. In addition, rumors of losses at Societe Generale sent the bank's stock plunging.

Societe Generale (OTC: SCGLY) denied all market rumors about the bank, although the stock remains down 14 percent.

Euro-zone issues are hitting U.S. banks especially hard. Bank of America Corporation (NYSE: BAC) is down 11 percent, Citigroup, Inc. (NYSE: C) is down 10 percent and The Goldman Sachs Group, Inc. (NYSE: GS) is down 8 percent.

The market is down 16 percent since the sell-off started in earnest on July 25.

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