U.S. markets slip on Greek bailout talks
Trader Warren Meyers, right, is illuminated by his handheld device as he works on the floor of the New York Stock Exchange Friday. (Feb. 3, 2012) Credit: AP
Stock indexes closed slightly lower Monday as talks dragged on between Greek political leaders over a fresh cost-cutting package required for the country to get more bailout loans.
On an otherwise quiet day, energy stocks were among the few to rise. Exxon Mobil, Chevron and Schlumberger each rose 1 percent. The Dow Jones industrial average fell 17.10 points to close at 12,845.13.
President Nicolas Sarkozy of France and German Chancellor Angela Merkel warned Greek leaders that they need to push through the measures or risk letting the country go bankrupt.
Greece is hoping the European Central Bank, the International Monetary Fund and the European Commission will release a second installment of $170 billion in loans. Without that money, Greece will likely default when a bond repayment comes due March 20.
In Greece, talks between the prime minister and leaders of parties backing his coalition government were postponed for a day, even as European leaders prodded the government to push through new spending cuts, layoffs and other austerity measures.
In other trading, the Standard & Poor's 500 index slipped 0.57 of a point to 1,344.33. The Nasdaq composite fell 3.67 points to 2,901.99.
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Get ready for sun and fun with NewsdayTV's summer FunBook special! From celebrating America's 250th birthday to a new ride at Adventureland, NewsdayTV's Elisa DiStefano and Newsday lifestyle editor Meghan Giannotta have your inside look at Newsday's summer FunBook.
