Stocks extended losses in afternoon trading on Monday, with traders rushing to buy protection against a further decline in the market after comments from Germany's finance minister rekindled concerns about the euro zone's debt crisis.

The Dow Jones industrial average <.DJI> was down 237.84 points, or 2.04 percent, at 11,406.65. The Standard & Poor's 500 Index <.SPX> was down 23.66 points, or 1.93 percent, at 1,200.92. The Nasdaq Composite Index <.IXIC> was down 56.47 points, or 2.12 percent, at 2,611.38.

(Reporting by Angela Moon; Editing by Padraic Cassidy)