U.S. and European stock markets dropped sharply Monday on fears of a Greek debt default.

In the United States, the Dow Jones Industrial Average lost nine-tenths of a percent to end at 11,401. The S&P 500 slid one percent to 1,204, while the NASDAQ fell one-third of a percent to finish at 2,613.

In Europe, London's Financial Times 100 index fell 2 percent to end at 5,260. The CAC-40 index in Paris slid 3 percent to finish at 2,940. The DAX in Frankfurt closed down 2.8 percent at 5,416.

In Asia, Japanese markets were closed Monday for a holiday. Hong Kong's Hang Seng index fell 2.8 percent , to end at 18,918.

The price of gold fell more than $31 to trade at $1,779.75 an ounce.

The dollar was lower against the yen, but higher against the euro.