NEW YORK, Oct. 3 (Xinhua) -- US stocks tumbled on Monday, with all three major indexes closing at the lowest level in more than a year, after Greece admitted over the weekend that it could not meet the deficit target, which spurred refreshed concerns over a debt default. The Dow Jones industrial average sank 258.08 points, or 2.36 percent, to 10655.30. The Standard & Poor's 500 tumbled 32.19 points, or 2.85 percent, to 1099.23. The Nasdaq Composite Index plunged 79.57 points, or 3.29 percent, to 2335.83. On Sunday, Greece's finance ministry said the deficit this year will likely be 8.5 percent of its gross domestic product, higher than the previously anticipated 7.8 percent. Investors were worried that Greece could not get its next batch of bailout money before mid-October when Greece runs out of money and will have to default on its debt. Big banks were hit most, with Bank of America plummeting nearly 10 percent to lead the decliners in the blue-chip Dow. Basic materials and energy shares were also among the worst performers as sell-off in commodities continued. Monday's move came after major indexes suffered their worst quarter since the peak of economic recession. The blue-chip Dow plunged about 12 percent, the biggest decline since the first quarter of 2009, while the broader S&P 500 and the tech-heavy Nasdaq tumbled 14 percent and 12 percent respectively, the worst since the last quarter of 2008. Information provided by cctv.com Thank you www.cctv.com To watch CCTV ...