U.S. stocks fell Monday, weighed down by a tumble in oil prices as well as Greek voters’ rejection of creditors’ conditions for further financial aid.
The Dow Jones industrial average declined 46.53 points, or 0.3 percent, to end at 17683.58. Stocks spent midday trading around the flat line after earlier being down by as much as 166 points. The S&P 500 dropped 8.02 points, or 0.4 percent, to 2068.76, and the Nasdaq Composite lost 17.27 points, or 0.3 percent, at 4991.94. Energy companies were the worst performing group in the S&P 500, falling 1.3 percent, as the price of oil fell to a nearly three-month low.
Weighing on stocks were developments in Greece, where more than 61 percent of the country’s citizens voted “no” in Sunday’s referendum on the terms for a bailout that included pension cuts, tax increases and other measures. The referendum was on whether to accept austerity terms demanded by Greece’s creditors in exchange for more aid.
Stocks and bonds in Europe fell Monday, but the decline was not as dramatic as some investors had expected. The Stoxx Europe 600 lost 1.2 percent, while Germany’s DAX fell 1.5 percent and France’s CAC 40 dropped 2 percent. Separately, volatility in Asian markets spilled over to U.S. markets. Stocks in Hong Kong tumbled, with the Hang Seng Index notching its worst one-day performance since 2012, as Beijing took steps to halt the recent sell-off in stocks. “It’s a dangerous combination,” said Jerry Braakman, chief investment officer of First American Trust, which manages $1.1 billion, referring to the news out of Greece and China.
The latest news from Greece 11A
