Stocks plunge on Greece worries

All it took was an S&P downgrade of Greek debt to junk status. The ratings agency said that financing risks related to the government's high debt burden are growing. Dow is down about 150 points. From the WSJ:

The news came after leading figures in the German government continued to steer a hard line on Greece Tuesday, demanding harsh reforms ahead of a meeting with the head of the International Monetary Fund. The Greek government decided Friday to ask for implementation of a joint European Union-IMF bailout package, marking the first time that a euro-zone member country has had to avail itself of outside aid in the 10-year history of the currency.