Stocks Are Crumbling

The stock market has taken a decisive turn lower this afternoon.

Right now, the S&P 500 is down 0.7 percent on the day. It hit an intraday high around 11:45 AM ET and has moved sharply downward since.

The economic data out this morning were generally better than expected, but it's shaping up to be a bit of a wild day in Cyprus.

The chart below shows the move on the right.