US stocks trade lower on Greek debt crisis

GMT 05:46 2015 Wednesday ,08 July

Arab Today, arab today US stocks trade lower on Greek debt crisis

US stocks trade
New York - XINHUA

U.S. stocks traded lower in the morning session on Tuesday, as investors awaited developments in the Greece debt crisis.

At noon, the Dow Jones Industrial Average shed 124.39 points, or 0.70 percent, to 17,559.19. The S&P 500 was down 12.35 points, or 0.60 percent, to 2,056.41. The Nasdaq Composite Index lost 59. 77 points, or 1.20 percent, to 4,932.17.

Finance ministers from eurozone countries are expecting new proposals from Greece in Tuesday's talks, in an effort to find a solution to the Greek financial crisis.

In a Sunday referendum, more than 61 percent of Greeks voted " no", rejecting a proposal from international creditors that included pension cuts, tax increases and other measures. Analysts said the "no" vote increase the likelihood that Greece may eventually exit the eurozone.

Following the vote, Greek Finance Minister Yanis Varoufakis resigned on Monday. The reason he cited was a preference by his countries' creditors of not having him in future negotiations.

Greece appointed Euclid Tsakalotos, the deputy foreign minister of international economic affairs and chief coordinator of the country's negotiating team over a debt deal with lenders, as the new finance minister Monday.

On economic front, the goods and services deficit was 41.9 billion U.S. dollars in May, an increase of 1.2 billion dollars from April's revised level, according to U.S. Commerce Department Tuesday.

U.S. stocks closed lower Monday as Wall Street sentiment was weighed on after Greeks rejected creditors' bailout proposals in a referendum held in Greece Sunday.

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