Stocks skidded Tuesday as the dollar gained against the euro amid a flight to safety. Financials took a beating amid proposals for tighter regulations from the U.S. to Germany.

The Dow Jones Industrial Average accelerated its decline in the final hour of trading, sliding 114.88, or 1.1 percent, to close at 10,510.95, after eking out a 0.1-percent gain on Monday.

The S&P 500 lost 1.4 percent and the Nasdaq shed 1.6 percent. The CBOE volatility index, widely considered the best gauge of fear in the market, was above 33 at the closing bell.

(Source: CNBC)