Stocks, euro drop as deadlock continues in Greece

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Posted: May 14, 2012 11:00 AM
Source: Associated Press

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Topics: stock, economy, money, wall street

NEW YORK- U.S. stocks are falling as a political stalemate in Greece rattles financial markets worldwide.

The price of oil and Treasury yields hit their lowest levels of the year in midday trading Monday. The euro sank to a three-month low against the dollar.

The Dow Jones industrial average is down 96 points to 12,725 shortly before noon.

Political parties in Athens resumed negotiations to create a government. The uncertainty has raised concerns that Greece could miss a debt payment and drop the euro currency. The fear is that bond traders may respond by turning on other troubled countries in Europe like Spain and demand steeper borrowing rates on the government bond market.

The Standard & Poor's 500 index dropped 10 points to 1,343. The Nasdaq composite fell 19 points to 2,915.

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