NEW YORK (CNNMoney.com) -- Stocks tumbled Monday, as Fannie Mae and Freddie Mac plunged, amid renewed concerns about the financial sector and a weaker dollar.
The Dow Jones industrial average (INDU) lost about 180 points, or 1.6%. The broader Standard & Poor's 500 (SPX) index lost 1.5% and the Nasdaq composite (COMP) lost 1.4%.
Stocks had been under pressure throughout the session as the dollar slid and oil prices fluctuated amid worries about a tropical storm approaching the Gulf Coast. But the stock selloff accelerated in the afternoon, led by the financial sector.
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