http://www.reuters.com/article/2011/11/01/us-markets-stocks-idUSTRE7A01NM20111101
Due to concerns about Greece and their impending bailout (which will be decided by the people through the referendum), stocks have dropped substantially. This referendum is holding up the bailout process, which is urgent and necessary not only for Greece but for the entire European market. Sarkozy and Merkel will hold an emergency meeting with Greece on Wednesday to push for the bailout to go through. Without the bailout, Greece will definitely default, causing a dangerous decrease in markets all over the world.
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