Investors are experiencing plenty of sell-offs today as European debt contagion once again strengthens its grip on the broad markets. The Dow Jones
The good news received 24 hours ago has reversed, as the radical left group Syriza is now favored to win next month's Greek election over the pro-bailout New Democracy, according to recent polls. The newest poll predicting Syriza to win the election comes on the heels of six previous polls predicting New Democracy as the victor. As the June 17 election nears, expect the two groups to alter positions, creating more noise and increasing volatility in the markets.
However, the bigger story line today is worries over the health of Spain's banking sector as deposits are shrinking, putting more tension on the country's already perilous debt levels. With more focus on euro debt issues, companies that are dependent on economic growth are seeing the largest sell-offs. Dow component and aluminum giant Alcoa
Oil free fall
On the same note, crude demand could take a sizable hit if the eurozone starts losing components, especially if the breakup is messy. June oil futures dropped precipitously today, already down close to 3.5%. With oil prices around $87.50, upstream energy companies are experiencing heavy price declines as their product is losing value. Dow components Chevron and ExxonMobil
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Joel South owns shares of no company listed above. The Motley Fool owns shares of Denbury Resources. Motley Fool newsletter services have recommended buying shares of Chevron. The Motley Fool has a disclosure policy.