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Stocks End at Lows on EU Woes; Apple Drops

Stocks accelerated their selloff in the final minutes of trading to close down more than 1 percent across the board Monday, as initial euphoria over Spain's bank bailout fizzled and amid ongoing fears over a global economic slowdown.

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The Dow Jones Industrial Average snapped a four-day winning streak, tumbling 142.97 points, or 1.14 percent, to finish at 12,411.23. H-P and BofA led the laggards, while AT&T gained.

The S&P 500 fell 16.73 points, or 1.26 percent, to end at 1,308.93. The Nasdaq dropped 48.69 points, or 1.70 percent, to close at 2,809.73.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, jumped above 23.

Most key S&P sectors ended lower, led by financials and techs.

“A lot of people were concerned over the size of the bailout—we were expecting something closer to 150-200 billion [euros] and we only got 100 billion,” said Phillip Streible, senior commodities broker at RJO Futures. “So once traders started to digest [the news], they started to take profit or sell into that rally because they think that in another 3 to 6 months, Spain’s going to have to come back and ask for additional money.”

Euro zone finance ministers agreed on Saturday to lend Spain's banks up to $125 billion(100 billion euros) to shore up the region's ailing financial sector. Still, the initial relief rally following the announcement faded as skeptics began to questionwhether Spain's bank aid would really help put an end to the debt crisis. (Read More—Italy Well-Placed to Face Financial Turmoil: Minister)

Meanwhile, International Swaps and Derivatives Association said the 100-billion euro Spanish bank bailout would be unlikely to affect contracts insuring against a default on the sovereign's bonds, despite the government's ultimate liability under the bailout plan.

In addition, concerns lingered over Greece’s second round of elections on June 17, seen as a referendum on the debt-ridden nation's future in the euro zone. European shares closed mixed.

Apple shares turned lower after the tech giant's annual Worldwide Developers Conferencelargely failed to impress investors, even after the company unveiled its next-generation MacBook Air and MacBook Pro laptops in addition to a new version of its mobile operating system, iOS 6.

Yelp and OpenTable jumped following news of further integration with Apple's Siri. Meanwhile, Garmin dropped after Apple detailed the new features of its Apple Maps.

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Facebook turned negative in the final minutes of trading after hovering near $28 a share for most of the session.

AK Steel plunged after Dahlman Rose and Goldman Sachs downgraded the steelmaker to "hold" from "buy," and to "sell" from "neutral," respectively. Other steel stocks were also trading lower, including Cliffs Natural and Olympic Steel.

General Electric may be breaking off large parts of its lending business amid investor concerns that the conglomerate has become one of the largest banks in the U.S. GE is the minority shareholder of NBCUniversal.

Under Armour's board approved a 2-for-1 stock split, saying the move will make the company's stock easier to trade and could appeal to more investors. The stock initially rallied, but turned lower along with the broader market in the final hour of trading.

HMO stocks were among the biggest decliners after health insurer Centene said it will record a loss in the second quarter and slashed its 2012 earnings outlook. This comes after Molina Healthcare cut its full-year guidance last week. Rivals WellCare Health Plans , Coventry Health Care , and Amerigroup were all trading lower.

Nokia declined after Samsung shot down rumors that it is planning to launch a bid for the struggling cellphone maker.

Diamond Foods tumbled after the food company announced it will miss its financial filing deadline and expects a delisting notice from Nasdaq.

—By CNBC’s JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

Coming Up This Week:

TUESDAY: NFIB small biz optimism index, import & export prices, Fed Gov. Tarullo speaks, 3-yr note auction, GM shareholders mtg
WEDNESDAY: Weekly mortgage apps, PPI, retail sales, business inventories, oil inventories, 10-yr note auction, OPEC mtg, Caterpillar shareholders mtg, Dimon testifies before Senate
THURSDAY: CPI, jobless claims, current account, 30-yr bond auction, AOL shareholders mtg; Earnings from Kroger, Smithfield Foods, Pier 1 Imports
FRIDAY: Empire state mfg survey, treasury int'l capital, industrial production, consumer sentiment, credit card default rates reported, quadruple witching

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