Stocks close sharply lower on European-debt woes

NEW YORK (MarketWatch)
U.S. stocks posted steep declines Wednesday after a rating agency signaled trouble ahead for U.S. banks should Europe's debt trouble worsen.
"Fitch said U.S. banks have manageable direct exposures to the stressed European markets, but further contagion poses a serious risk.
Fitch believes that unless the Eurozone debt crisis is resolved in a timely and orderly manner, the broad credit outlook for the U.S. banking industry could worsen," said Peter Boockvar, equity strategist at Miller Tabak.
Closing near session lows, the Dow Jones Industrial Average lost 190.57 points, or 1.6%, to 11,905.59.
The S&P 500 Index declined 20.89 points, or 1.7%, to 1,236.92.
The Nasdaq Composite Index shed 46.59 points, or 1.7%, to 2,639.61