The indices continued to drop as ECB President Draghi delivered a speech at 7:10 am EST in which he said that "Germany has so far been largely insulated from some of the difficulties elsewhere in the euro area. But the latest data suggest that these developments are now starting to affect the German economy. This is also evident in the KfW-ifo-Mittelstandsbarometer." You can read his entire speech here: http://www.ecb.int/press/key/date/2012/html/sp121107.en.html