Fresh worries Tuesday about the health of European banks sent stocks lower in the U.S.

The Dow Jones industrial average fell about 50 points in early morning trading to kick off the start of the holiday-shortened week. Broader markets also fell.

European markets all fell Tuesday after reports said the continent's major banks have more potentially risky government debt on their books than was disclosed during stress tests earlier this year. The banks could be forced to raise more money to protect against potential losses, while also facing more fees from regulators.

The dollar strengthened against the euro and investors bought U.S. Treasurys on the new European bank concerns.

Stocks worldwide dropped during the spring because of worries that mounting government debt in Europe would hurt banks' ability to lend and stunt an economic recovery on the continent. That, in turn, would drag down a global rebound.

Investors could be taking their cues from overseas because there are few domestic economic reports due out this week that could sway traders. A barrage of mostly better-than-anticipated economic data sent stocks sharply higher last week. The reports helped push major indexes to their first winning week in a month.

A vast wave of kids are headed for college right about now -- and a vast backwash of parents are trying to figure out how to pay for it. Is it worth it?

My instinct: no. I think college is the latest of the great bubbles. (Full disclosure: I've been saying the same about China for years. See Sept. 1, 2005, column.)

I just think people are going to get sick of the appalling cost, the questionable returns (how many Class of 2010 graduates have jobs?) and the increasingly bizarre admissions decisions. (Princeton economists Thomas Espenshade and Alexandria Radford recently showed that elite schools actually discriminate against ROTC and 4-H club members.)

So naturally, on the general theory that capitalism is more efficient that socialism, I've always been interested in Apollo Group Inc. /quotes/comstock/15*!apol/quotes/nls/apol (APOL 45.06, -0.32, -0.71%) , owner of the for-profit University of Phoenix.

Maybe that's also why Apollo has been under such fierce attack during the Obama administration. But, according to the Hulbert Financial Digest, the stock has two advisory supporters, both of which have respectable records.

http://www.marketwatch.com/story/will-phoenix-rise-from-college-bubble-2010-09-06?reflink=MW_news_stmp

Barclays PLC announced on Tuesday that executive Robert E. Diamond Jr. will replace John Varley as chief executive officer next year. The shake-up will take place on March 31, 2011.

However, a few changes will occur before next year, with Diamond serving as president and deputy group chief executive on Oct. 1, 2010.

During the transition, Varley will serve as senior advisor on regulatory issues to Diamond and the board, until September, 2011. He has been CEO of the company since September, 2004.

Diamond is currently the head of corporate and investment banking at Barclays, and also oversees the bank's Wealth division. He has been a member of the board since 2005, and has been working at the company since 1996.

As of Jan. 1, 2011, Diamond's salary will increase to $2.07 million and his annual bonus could be up to 250% of that amount.