NEW YORK (AP) – U.S. and European stocks fell moderately Tuesday as concerns over Greece’s debt crisis overshadowed some upbeat economic news out of China. A U.S. report showing soft demand for durable goods also weighed on the market.
KEEPING SCORE: The Dow Jones industrial average lost 113 points, or 0.6 percent, to 18,118 as of 10:02 a.m. Eastern time. The Standard & Poor’s 500 index lost 11 points, or 0.5 cent, to 2,115 and the Nasdaq composite lost 25 points, or 0.5 percent, to 5,064.
GREEK DRAMA: Worries persist that Greece might miss an IMF repayment on June 5 if it fails to receive bailout funds from creditors demanding it make new reforms to its economy. Talks to reach a deal resumed Tuesday after a weekend break, but it is unclear whether an agreement can be reached in time.
EUROPEAN NUMBERS: Greek stocks were up 1 percent in late trading. Germany’s DAX fell 1.4 percent, France’s CAC-40 index fell 0.2 percent and the U.K.’s FTSE 100 lost 0.5 percent. Greek government bond prices fell, pushing yields higher. The yield on Greece’s 10-year bond rose to 11.73 percent from 11.26 percent.
THE QUOTE: “There will be a couple of dominant themes with Greece developments remaining at the forefront while political developments in Spain also deserve some attention,” market strategist Stan Shamu of IG said in commentary.
CABLE BUNDLE: Time Warner Cable rose after agreeing to be acquired by Charter Communications for $55 billion. Time Warner rose $8.57, or 5 percent, to $179.73. Charter slipped 31 cents to $174.99.
BACKORDERED: Orders to U.S. factories for long-lasting manufactured goods fell slightly in April. Total orders for durable goods slipped 0.5 percent from March, when orders had surged 5.1 percent.
ENERGY: Benchmark U.S. oil fell $1.11, or 1.9 percent, to $58.62 per barrel on the New York Mercantile Exchange. The contract shed $1 on Friday to $59.72.
BONDS, CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.19 percent from 2.22 percent late Friday. The dollar rose sharply against the Japanese currency, increasing to 123.21 yen from 121.55 yen. The euro fell to $1.0903 from $1.0980.
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Elaine Kurtenbach contributed to this report from Tokyo.