Stocks cut losses on Tuesday as German and French leaders said they are committed to implementing the decisions of an EU summit despite calls for a Greek referendum on the debt crisis plan.

The Dow Jones industrial average dropped 199.53 points, or 1.67 percent, to 11,755.48. The Standard & Poor's 500 Index dropped 23.55 points, or 1.88 percent, to 1,229.75. The Nasdaq Composite Index dropped 49.35 points, or 1.84 percent, to 2,635.06.

(Editing by Kenneth Barry)