Wall Street stocks fell on Monday as Germany's finance minister said a summit on October 23 would not yield a definitive solution to Europe's debt crisis, dampening hopes of a quick resolution to region's woes.

The Dow Jones industrial average <.DJI> dropped 116.90 points, or 1.00 percent, to 11,527.59. The Standard & Poor's 500 Index <.SPX> dropped 12.17 points, or 0.99 percent, to 1,212.41. The Nasdaq Composite Index <.IXIC> dropped 23.69 points, or 0.89 percent, to 2,644.16.