The stock market is closing down sharply, extending its longest and deepest slump this year.

The Dow Jones industrial average lost 213 points to 12,716. That is it's biggest one-day loss of the year and its third triple-digit decline in the past four trading days.

The broader Standard & Poor's 500 is down 24 points to 1,359. The Nasdaq is down 56 points to 2,991. The ratio of declining stocks to advancing stocks was about 5-to-1. Volume was heavy at 4.6 billion shares.

Investor fears about Europe's debt problems were rekindled, as Spain and Italy saw their borrowing costs climb.  

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