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U.S. stocks lower with Greece in focus; Dow Jones down 0.38%

Stock MarketsFeb 07, 2012 10:03AM ET
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Investing.com - U.S. stocks were lower on Tuesday, as market sentiment was weighed by uncertainty over prolonged talks to secure a new bailout package for Greece and avoid a sovereign debt default.

During early U.S. trade, the Dow Jones Industrial Average fell 0.38%, the S&P 500 index declined 0.47%, while the Nasdaq Composite index retreated 0.30%.

Greek Prime Minister Lucas Papademos was set to hold talks with coalition leaders later Tuesday to try and reach a consensus on the terms of a second bailout, after postponing talks on Monday and failing to finalize an agreement over the weekend.

Earlier in the day, Eurogroup President Jean-Claude Juncker said he was confident Greece would remain in the single currency bloc, provided that the country fulfilled its obligations to other bloc members.

Energy stocks were broadly lower as shares in Chevron and Exxon Mobil declined 0.8% and 0.42% respectively, while Noble Corporation plummeted 3.26%.

BP saw shares tumble 1.51% despite posting earnings slightly above forecasts and a better-than-expected dividend increase. The company also said it was preparing "vigorously" for lawsuits related to its Gulf of Mexico oil spill, due to start later this month.

Financial stocks also added to losses as Goldman Sachs dropped 0.95% and Citigroup retreated 0.81%, while JP Morgan and Bank of America slid 0.45% and 0.13%.

On the upside, Coca-Cola climbed 0.35% after the beverage giant reported better-than-expected results and announced a new cost-savings program.

Yum Brands also gained 3.45% after the parent company of KFC reported earnings that beat estimates thanks to accelerating sales in China.

Toyota Motor jumped 2.90% as the Japanese automaker reported stronger-than-expected earnings and raised its annual forecast on cost cuts and Japanese government subsidies.

Meanwhile, General Motors fell 0.60% after saying it sold 246,654 vehicles in China in January, down 8% from a year earlier. It attributed the decline to fewer shopping days during the Lunar New Year which fell in January this year.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 retreated 0.57%, France’s CAC 40 dropped 0.49%, Germany's DAX tumbled 0.92%, while Britain's FTSE 100 fell 0.56%.

During the Asian trading session, Hong Kong's Hang Seng Index eased up 0.15%, while Japan’s Nikkei 225 Index slipped 0.13%.

Later in the day, Federal Reserve Chairman Ben Bernanke was due to testify on the economic outlook and federal budget situation before the Senate Budget Committee in Washington.


U.S. stocks lower with Greece in focus; Dow Jones down 0.38%
 

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