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Stocks closed lower Thursday with all three major averages logging their worst May since 2010, driven by mounting concerns over the euro zone debt crisis in addition to worries over a slowing U.S. economy.
Meanwhile, Facebook recovered to close near $30 a share after dipping below $27 earlier in the session. Meanwhile, S&P Capital IQ lowered its price target on the social networking giant to $27 from $30.
The Dow Jones Industrial Average slipped 26.41 points, or 0.21 percent, to close at 12,393.45. Caterpillar led the laggards, while BofA gained. The blue-chip index failed to log a two-day win streak this month.
The S&P 500 dipped 2.99 points, or 0.23 percent, to end at 1,310.33. The Nasdaq slid 10.02 points, or 0.35 percent, to finish at 2,827.34.
For the month, the Dow and the S&P 500 dropped more than 6 percent, while the Nasdaq plunged nearly 7 percent. The Dow and Nasdaq posted their worst monthly declines since May 2010, while the S&P posted its biggest one-month drop since last September.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, slipped below 24.
Among the key S&P sectors, techs closed lower, while financials climbed.
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