US stocks eased today as mixed messages about Greece’s debt talks kept investor uncertainty high along with a sharp drop in Chinese shares after brokers tightened margin rules.
Seven of the 10 major S&P 500 sectors were lower, with the industrials sector falling the most, 0.4 percent, a day after the Nasdaq closed at a record high.
International Monetary Fund Managing Director Christine Lagarde said there was still a lot of work to do before Greece and its international lenders could clinch a cash-for-reforms deal. Greece’s government said it aims to reach an agreement with lenders by Sunday. A eurozone official said Greece will not be able to get the money still available under its current bailout plan if it does not agree to the outline of a such a deal by the end of the week.
The Dow Jones industrial average fell 36.87 points, or 0.2 percent, to 18,126.12, the S&P 500 lost 2.69 points, or 0.13 percent, to 2,120.79 and the Nasdaq Composite dropped 8.62 points, or 0.17 percent, to 5,097.98.
Meanwhile, European shares also slipped lower as lingering uncertainty over Greece’s debt problems pegged back the region’s stock markets.
European equities had rallied yesterday on reports of a staff-level agreement between Greece and its creditors but German Finance Minister Wolfgang Schaeuble later said there was not much progress in the talks.
The pan-European FTSEurofirst 300 index fell 0.5 percent.
In the meantime, Japan’s Nikkei share average rose today, extending its gains to a 10th day as investors hoped exporters’ earnings will rise after the dollar hit its highest against the yen since December 2002.
The Nikkei 225 ended 0.4 percent higher to 20,551.46, another 15-year high. If it manages to close above 20,833.21 in coming days, it will be the highest closing price since December 1996.
Source: Buenos Aires Herald