Greek prime minister's decision to put country's rescue plan to a public vote prompts worldwide wave of selling; Dow loses 297, closes at 11,658

Cindy Allen

NEW YORK , November 1, 2011 (Associated Press) – A wave of selling is sweeping across Wall Street and stock markets around the world after Greece's prime minister said he would call a national vote on an unpopular European plan to rescue that nation's economy. Treasurys and other safe assets surged.

The Dow Jones industrial average finished down nearly 300 points. It swung in 100 point bursts throughout the day as investors reacted to sometimes conflicting headlines about the next steps in Greece's long-running debt crisis.

The Dow plunged 297 points, or 2.5 percent, to close at 11,658 Tuesday. The S&P 500 fell 35, or 2.8 percent, to 1,218. The Nasdaq dropped 77, or 2.9 percent, to 2,607.

Five stocks fell for every one that rose on the New York Stock Exchange. Volume was heavy at 5.6 billion shares.

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