Wall Street Tumbles After G8 Finance Meeting

Wall Street stocks tumbled Monday after the Group of Eight finance chiefs warned the global economic outlook remained uncertain, despite encouraging recovery signs.

"An outside view of the New York Stock Exchange on Wall street. Wall Street stocks tumbled Monday after the Group of Eight finance chiefs warned the global economic outlook remained uncertain, despite encouraging recovery signs."

The Dow Jones Industrial Average dropped 135.06 points (1.53 percent) to 8,664.20 in opening trades.

The tech-rich Nasdaq fell 25.37 points (1.36 percent) to 1,833.43 and the broad-market Standard & Poor's 500 index retreated 15.67 points (1.66 percent) to 930.54.

"This negative disposition is being attributed to reports that Russia made dollar-supportive comments and that G8 ministers discussed how they should prepare to unwind stimulus spending as the economic recovery begins to take root," said Patrick O'Hare of Briefing.com.

"Of course, this could also be a case of participants simply looking for a reason to take some money off the table," O'Hare said, noting the S&P 500 stands 42 percent above its March 6 low.

Monday's market action came after Wall Street indices closed narrowly mixed Friday in directionless, thin trade. The Dow had climbed 0.32 percent, joining the other major indices in wiping out losses since the start of the year. The Nasdaq fell 0.19 percent while the S&P 500 edged up 0.14 percent.