New York stocks drops over 250 points

Shares in New York were sold on Monday, with a key index briefly dropping more than 250 points after eurozone finance ministers failed to make progress in solving the Greek fiscal crisis.

During their meeting in Poland over the weekend, the 17 finance ministers agreed to provide bailout loans for Greece by mid-October. The agreement will likely avert an immediate default by Greece, but no fundamental solution is in sight.

A market analyst says investors' concerns are growing as Greek Prime Minister George Papandreou suddenly cancelled a planned trip to the United States to address the effort for Greek fiscal reconstruction.

He also says all eyes are on talks Greece is expected to have with the European Union and the International Monetary Fund on the debt issue.