Investors are worried the political and economic situations in Greece and Spain will only deepen Europe's debt crisis.
News of another Greek election and a new Spanish bank bailout sent European markets into a downward spiral Tuesday.
Greece's radical left-wing party is trying to form a new government after the nation's conservative party failed to form a government following Sunday's elections.
European leaders have been pushing Greece to stick with the agreement it made to get more than $300 billion in bailout loans. If that doesn't happen, it could hurt the rest of Europe.
Meanwhile, Spain's financial industry is still full of bad investments. The government there plans to bail out the country's fourth-largest bank.