Connect with us

Business

US Stocks Lower After Setback in Greek Debt Talks

Published

on

People walk past the Bank of Greece headquarters, in central Athens, on Friday, March 6, 2015 . European Central Bank head Mario Draghi said the ECB "stood ready" to once again permit Greek banks to use junk-rated Greek government bonds as collateral to get credit from the ECB. That would happen as soon as the bank assesses that Greece is likely to successfully complete a creditor review of its progress. (AP Photo/Petros Giannakouris)

People walk past the Bank of Greece headquarters, in central Athens, on Friday, March 6, 2015. (AP Photo/Petros Giannakouris)

MATTHEW CRAFT, AP Business Writer

NEW YORK (AP) — The U.S. stock market turned lower on Friday as a setback in talks between Greece and its creditors heightened concerns that the country could default on its debts. An unexpected decision by the International Monetary Fund to walk away from talks with Greece spurred the selloff in Europe and America.

KEEPING SCORE: As of 1:17 p.m. Eastern Time, the Standard & Poor’s 500 index was down 14 points, or 0.7 percent, to 2,095. The Dow Jones industrial average dropped 143 points, or 0.8 percent, to 17,896, and the Nasdaq composite lost 28 points, or 0.6 percent, to 5,054.

The losses were modest but broad: All 30 companies in the Dow average and all 10 industries in the S&P 500 traded lower.

WALKOUT: At a summit meeting in Brussels late Thursday, the IMF pulled its negotiators out of talks with Greece, saying there had been no progress and that major differences remained on key issues. Without a deal by the end of the month, Greece faces the prospect of going bankrupt and dropping the euro currency.

UNCERTAINTY: Ninh Chung, head of investment strategy at SVB Asset Management, said that markets are likely to make sudden turns until Greece and its creditors reach a deal. Earlier this week, markets on both sides of the Atlantic rallied on reports of progress in the talks. “There had been optimism over Greece,” Chung said, “and now it seems like we’ve had a complete 180.”

EUROPE: Major indexes in Europe slumped, erasing gains made earlier in the week. Greece’s market fell the most, with the main Athens index down 6 percent. Germany’s DAX sank 1.2 percent, and the CAC-40 in France finished with a loss of 1.4 percent. Britain’s FTSE 100 lost 1 percent.

WINGSTOP POP: Back in the U.S., shares of Wingstop vaulted 56 percent in their first day of trading as a public company. The chicken-wings chain raised $110.2 million in its initial public offering late Thursday, selling shares to investors at $19 each. In early afternoon trading, Wingstop rose $10.84 to $29.84.

CRUDE: Benchmark U.S. crude sank 71 cents to $60.06 a barrel in New York. Brent crude, a benchmark for international oil, fell 31 cents to $65.48.

BONDS: U.S. government bond prices rose, tugging the yield on the 10-year Treasury note down to 2.36 percent from 2.38 percent the day before. Bond yields fall when prices rise.

ASIA’S DAY: Japan’s Nikkei 225 inched up 0.1 percent. In China, the Shanghai composite index advanced 0.9 percent, and Hong Kong’s Hang Seng rose 1.4 percent.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Activism

Oakland Post: Week of March 20 – 26, 2024

The printed Weekly Edition of the Oakland Post: Week of March 20 – 26, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Activism

Oakland Post: Week of March 13 – 19, 2024

The printed Weekly Edition of the Oakland Post: Week of March 13 – 19, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Activism

Oakland Post: Week of March 6 – 12, 2024

The printed Weekly Edition of the Oakland Post: Week of March 6 – 12, 2024

Published

on

To enlarge your view of this issue, use the slider, magnifying glass icon or full page icon in the lower right corner of the browser window.

Continue Reading

Subscribe to receive news and updates from the Oakland Post

* indicates required

CHECK OUT THE LATEST ISSUE OF THE OAKLAND POST

ADVERTISEMENT

WORK FROM HOME

Home-based business with potential monthly income of $10K+ per month. A proven training system and website provided to maximize business effectiveness. Perfect job to earn side and primary income. Contact Lynne for more details: Lynne4npusa@gmail.com 800-334-0540

Facebook

Trending

Copyright ©2021 Post News Group, Inc. All Rights Reserved.