US stocks drop sharply amid eurozone contagion fears

US stocks took a sharp plunge Thursday as fears over the contagion in the eurozone crisis trumped some mildly positive data on the US economy. After reaching into positive territory halfway through the session, the Dow Jones Industrial Average was down 134.79 points (1.13 percent) to 11,770.80 in closing trade. The broad-based S&P 500 eased 20.63 (1.67 percent) to 1,216.28, and the tech-heavy Nasdaq Composite lost 51.62 (1.96 percent) to 2,587.99. While more apparent deterioration in the eurozone situation kept a cloud on the market, analysts at Briefing.com credited a shift in sentiment based on technical analysis issues, rather than any real news, for the midday sell-off. "The market's rollover came after the S&P 500 failed to push back above a recent trendline that was set along the lower end of its recent trading range. "The inability to bounce in the face of upside resistance also coincided with the euro's drift off of its session high."