- Obama not worried about Ebola at upcoming African summit in D.C.
- Obama: ‘We tortured some folks’ after 9/11
- Obama administration asked whole D.C. Circuit to take on major Obamacare case
- Mark Levin: Topple GOP leadership or country will ‘unravel’
- Massachusetts to let police chief deny gun buys to those deemed unfit
- John Kerry condemns attack on Israeli soldiers, kidnapping
- U.S. starts to evacuate American Ebola patients from West Africa: Report
- Geraldo slammed as ‘dummy’ for backing Clinton’s bin Laden claim
- Israeli spokesman: No need to debate who broke the cease-fire
- 35 Palestinians killed; Israeli officer missing
U.S. stocks slip as Greek talks drag on
Question of the Day
NEW YORK — Stock indexes closed slightly lower Monday as talks dragged on between Greek political leaders over a fresh cost-cutting package required for the country to get more bailout loans.
On an otherwise quiet day, energy stocks were among the few to rise. Exxon Mobil, Chevron and Schlumberger each rose 1 percent.
President Nicolas Sarkozy of France and German Chancellor Angela Merkel warned Greek leaders that they need to push through the measures or risk letting the country go bankrupt.
Greece is hoping the European Central Bank, the International Monetary Fund and the European Commission will release a second installment of $170 billion in loans. Without that money, Greece will likely default when a bond repayment comes due March 20.
In Greece, talks between the prime minister and leaders of parties backing his coalition government were postponed for a day, even as European leaders prodded the government to push through new spending cuts, layoffs and other austerity measures.
The Dow Jones industrial average fell 17.10 points to close at 12,845.13. Travelers Cos. Inc. led the Dow lower with a 1.3 percent loss.
In other trading, the Standard & Poor’s 500 index slipped 0.57 of a point to 1,344.33. The Nasdaq composite fell 3.67 points to 2,901.99.
Sam Stovall, chief equity strategist at S&P Capital IQ, thinks investors are starting to wonder if the stock market’s recent stretch of calm trading is a prelude to a big drop. Trading has turned subdued compared with the wild swings of 2011. The S&P has closed up or down by more than 1 percent only three times this year. In December, that happened nine times.
“I look at it like a very-low-tide warning of an impending tsunami,” Stovall said. “We’re setting ourselves up for a decline, the sort of decline that would make you sit up and take notice.”
Large gains in the market, like the Dow’s 156-point surge Friday, are often followed by relatively modest moves as traders pull some of their winnings off the table. Since 1950, whenever the S&P rose by 1 percent or more in a trading day, the index has inched up an average of just 0.1 percent the next day, according to S&P Capital IQ.
Among companies making big moves:
• Boeing Co. fell 1.2 percent following reports that the company found a problem in its 787 Dreamliner. The aircraft maker said it was working to fix it and that there was no safety concern.
• Micron Technology Inc. fell 2.8 percent following news that the chip maker’s CEO died in a plane crash. Steve Appleton, 51, was at the helm for 18 years, leading the only company he’d ever worked for.
• Verizon Communications and Coinstar Inc. edged up after the companies said they will launch a video-streaming service later this year, a challenge to Netflix. Coinstar is the parent of Redbox, a DVD rental company. Coinstar rose 1.8 percent and Verizon 0.8 percent.
• Humana dropped 5.4 percent. The health insurance company reported revenue that fell short of analysts’ expectations. Humana also raised its earnings outlook for 2012 but that, too, was below analysts’ forecast.
TWT Video Picks
By Orrin G. Hatch
Procedural changes impede the chamber's traditional deliberative function
- U.N. condemns Israel, U.S. for not sharing Iron Dome with Hamas
- Border agents cleared of civil rights complaints from illegal immigrant children
- Obama military strategy too weak for future security, panel reports
- Ben Carson takes major step toward presidential campaign
- Porn-surfing feds blame boredom, lack of work for misbehavior
- Feds raid S.C. home to seize Land Rover in EPA emission-control crackdown
- CRUZ: A tale of two hospitals: One in Israel, one in Gaza
- House backs faster deportations, cancels 'Dreamer' policy
- Ted Nugent slams 'lying freaks' at liberal media: I'm 'doing God's work'
- HATCH: Destroying the Senate and our liberties
Top 10 U.S. military helicopters
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors