The S&P index had risen for two straight weeks for the first time since July, riding a wave of euphoria built on optimism that European leaders had a newfound commitment to tackle a crisis that threatened financial stability and global growth.
The Dow Jones industrial average <.DJI> was down 246.58 points, or 2.12 percent, at 11,397.91. The Standard & Poor's 500 Index <.SPX> was down 23.72 points, or 1.94 percent, at 1,200.86. The Nasdaq Composite Index <.IXIC> was down 52.93 points, or 1.98 percent, at 2,614.92.
NYMEX-NEW YORK, Oct 17 (Reuters) - U.S. crude oil futures fell on Monday as investors were dismayed by German finance minister's forecasts that an EU summit this weekend would not present a definitive solution to the region's debt crisis, curbing investors' risk appetite.
The euro fell against the dollar after Wolfgang Schaeuble's comments as it dashed recent hopes that a durable solution to the region's troubles could be attained soon.
On the New York Mercantile Exchange, crude for November delivery
CBOT-SOYBEANS-Chicago Board of Trade soybean futures fell 1.5 percent, snapping a five-session winning streak due to pressure from the ongoing U.S. harvest, traders said.
A firm dollar that weighed heavily on all commodities also added pressure to the soybean market, which rose 10 percent last week.
FCPO-KUALA LUMPUR, Oct 17 (Reuters) - Malaysian palm oil futures ended down 1.3 percent on Monday, falling sharply from an earlier three-week high after comments from the German finance minister and also on expectations of a larger U.S. soybean crop for crushing into edible oil.
Palm oil prices, which gained five percent last week, came under pressure along with other commodities after Germany's Finance Minister said European governments would not present an ultimate solution for the debt crisis this week.
Benchmark January palm oil futures
The contract then gave up all its gains and more to settle 1.3 percent lower at 2,876 ringgit, with sell orders coming in the last minute.
REGIONAL EQUITIES-BANGKOK, Oct 17 (Reuters) - Southeast Asian stock markets gained on Monday amid hopes that euro zone policy makers will come up with a plan to solve the region's debt woes, with resource shares rising with commodity prices and lower interest rates lifting Indonesian developers.
Markets in the region hit multi-week highs, along with regional currencies, as investors flush with cash after a sell-off in the previous quarter plucked up the nerve to return.
Malaysian shares <.KLSE> climbed 1.6 percent to the highest in more than five weeks. Stocks in Singapore <.FTSTI>, Thailand <.SETI>, Indonesia <.JKSE> and the Philippines <.PSI> gained more than 1 percent to the highest in more than 3 weeks.
