A look at highlights from the day's business news:
Dow plunges 213 points, breaks 11K
Stocks fell Tuesday after Standard & Poors cut Greece's debt rating to junk and lowered Portugal's debt rating, raising fears that a euro zone debt crisis could slow the global economic recovery.
The Dow Jones industrial average tumbled 213 points, or 1.9 percent, closing below 11,000, a key psychological level. The Dow ended the previous session at its highest point in 19 months.
The slide was the Dow's biggest one-day point drop since July 15, 2009, when it lost 257 points.
The S&P 500 index fell 28 points, or 2.3 percent, closing below 1,200, a psychological level traders look at. The Nasdaq composite slid 51 points, or 2 percent.
Bonds jump after Greece and Portugal downgrades
Treasury prices gained Tuesday after both Greece and Portugal saw their debt downgraded.
What prices are doing: The benchmark 10-year note added 25/32 to 99-9/32, pushing the yield down to 3.72 percent from 3.81 percent late Monday. Bond prices and yields move in opposite directions.
The 30-year bond soared 1-12/32 to 100-23/32 with a yield of 4.58 percent. The 2-year note edged up 4/32 to 100-1/32 and yielded 1 percent.
What's moving the market: On Tuesday afternoon, rating agency Standard and Poor's downgraded Greece's sovereign debt to junk status, and lowered Portugal's investment grade status, citing weak "macroeconomic structures."
Dollar gains as Greece fears persist
The dollar rose against the euro Tuesday amid ongoing concerns about Greece and caution ahead of the Federal Reserve's latest policy meeting.
What prices are doing: The dollar was up 0.7 percent against the euro at $1.3288 and gained 0.8 percent versus the U.K. pound at $1.5332. Against the Japanese yen, the dollar was down 0.5 percent at ¥93.45.
What's moving the market: The euro suffered amid questions about when Greece will be able to access emergency funding it officially requested last week.
Oil prices plummet on Greece, Portugal
Oil prices plunged over 2 percent after Greece and Portugal's debt downgrade fueled concerns that money problems could spread, threatening the fragile economic recovery and demand.
What prices are doing: Crude oil prices fell $1.76, or nearly 2.1 percent, to settle at $82.44 a barrel.
The dip was the second in a row, following a recent run-up in prices fueled by strong earnings and economic data in the United States. Prices have fallen 0.8 percent in the past week, but risen about 70 percent from this time last year.
What's moving the market: Prices plummeted after Standard and Poor's, a credit rating agency, downgraded the sovereign debts of Portugal and Greece on Tuesday.
CNNMoney.com reporters Chavon Sutton, Ben Rooney, Julianne Pepitone and Alexandra Twin contributed to this report.