Market Falls as Concern Rises Over Greece Debt Crisis
Stocks ended lower as uncertainty mounted over Greece’s bailout talks with its creditors.
The Dow Jones industrial average fell 107 points, or 0.6 percent, to end at 17,791 Monday. The Standard & Poor’s 500-stock index slipped nine points, or 0.5 percent, to 2,084. The Nasdaq fell 21 points, or 0.4 percent, to 5,029.
Stocks fell sharply in early trading but recouped some of their losses by day’s end. The Dow was down as much as 200 points.
United Technologies slid nearly 3 percent after the company said it would get out of the helicopter business.
European markets fell. Benchmark indexes were down 2 percent in Germany and France. Investors ditched Greek stocks and Greek government bonds.
THE QUOTE “All eyes, including our own, are on Greece,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank. “This is a grand experiment and if it were to go awry, it would certainly have implications.”
GREEK DRAMA Weekend negotiations on Greece’s bailout terms produced no breakthroughs, and Greek officials and creditors remained far apart as a deadline for a debt payment nears.
Greek leaders want to get access to the final 7.2 billion euros ($8.2 billion) of their bailout program that’s needed to repay debts and avoid a possible default. The bailout package expires at the end of the month.
EUROPEAN MARKETS European stocks traded lower amid investor concerns over the lack of progress in Greece’s bailout negotiations. France’s CAC 40 shed 1.8 percent, while Germany’s DAX dropped 1.9 percent. Britain’s FTSE 100 lost 1.1 percent. Greece’s benchmark index fell 4.7 percent.
ASIA’S DAY Moves by regulators to tighten up on margin financing sent Chinese shares lower. Hong Kong’s Hang Seng slumped 1.5 percent, while the Shanghai Composite Index in mainland China dropped 2 percent. Elsewhere in Asia, Japan’s benchmark Nikkei 225 index ended 0.1 percent lower and South Korea’s Kospi shed 0.5 percent. Australia’s S&P/ASX 200 edged 0.1 percent lower. Benchmarks in Southeast Asia also fell.
ENERGY Benchmark U.S. crude oil continued to fall, losing 46 cents to $59.50 a barrel on the New York Mercantile Exchange. The contract hit a high for the year on Wednesday but has been falling since then.
BONDS U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.36 percent from 2.39 percent late Friday.
METALS Precious and industrial metals futures closed mixed. Gold rose $6.60 to $1,185.80 an ounce, silver rose 26 cents to $16.08 an ounce and copper fell three cents to $2.65 a pound.
nytui se wall street começa a ficar nervosa os malvado-austérico-caquéticos europeus borram-se todos.
you have to heed you master's voice...
Z
