U.S. and European stock prices plunged on Monday amid concerns that a summit gathering of European leaders set to open later this week is unlikely to yield a resolution to the euro zone’s financial troubles.

At the New York Stock Exchange, the Dow Jones Industrial Average fell more than one percent from last Friday to close at 12-thousand-502-point-66.

The S&P 500 index slid one-point-six percent, while the Nasdaq composite index fell one-point-95 percent.

In Europe, stock prices in France and Germany fell more than two percent, while debt-stricken Spain and Italy saw stock prices slide by around four percent.