With less than an hour of trading to go, the Dow is down around 190 points. There's certainly a lot to be concerned about: More talk of Greece defaulting (Prime Minister George Papandreou has offered to step down), new signs of inflation in the U.S., a disappointing report on manufacturing, and weak data on industrial production. And there are no strong earnings results to cushion the blow (earnings season is still a few weeks away). One bit of decent news: Oil is trading at around $95 a barrel, which could mean a further drop in gas prices. But crude is falling in large part because of lower expectations for the global economy. So even that's not great news.
*Update: Dow finishes the day down 178 points, wiping out all of yesterday's gains and then some.