Wall Street slides 1% in opening trade

Dow Jones dropped 114 pts to 12,818

U.S. stocks fell sharply at the open on Wednesday as political uncertainty hung over Greece and concerns arose over the frail state of Spanish banks.

The Dow Jones industrial average dropped 113.87 points, or 0.88%, to 12,818.22. The Standard & Poor's 500 Index dropped 13.77 points, or 1.01%, to 1,349.95. The Nasdaq Composite Index dropped 32.32 points, or 1.10%, to 2,913.95.