Stocks end lower on Greek-talks worries, earnings
NEW YORK | Stocks fell Tuesday on concerns that a deal to prevent a default by Greece might fall through.
A slew of U.S. corporate earnings Tuesday also did little to bolster investors’ confidence.
The Dow Jones industrial average closed down 33 points at 12,676. It has risen or fallen less than 100 points in 13 trading sessions, the longest calm stretch since March and April of last year.
The Standard & Poor’s 500 lost a point to close at 1,315. It’s only the third time the S&P has ended lower this year, all those declines have been less than seven points. So far this year, it’s up about 4.5 percent.
The Nasdaq added two points Tuesday to close at 2,787 after a day of wavering between small gains and losses. Tech stocks could be in for a strong day Wednesday after Apple Inc. reported sharply higher earnings after the market closed Tuesday, trouncing analysts’ estimates.
Rising stocks slightly outnumbered falling ones on the New York Stock Exchange. Trading volume was lighter than average at 3.7 billion shares.
Report: Pay czar failed to curb excessive bank pay
A watchdog says bank executives and Treasury officials pressured a top government official to allow banks to bypass pay restrictions established in the $700 billion bailout.
The deputy special inspector general for the bailout says in a report that pay czar Kenneth Feinberg approved salaries for five executives in excess of the $500,000 limit. Mr. Feinberg also approved pay packages, which included stock and other forms of compensation, worth $5 million or more for 49 executives, the report says.
Treasury wanted banks to pay competitive salaries so they could keep top executives and be in shape to repay the bailouts, the report says.
Google to merge user data across more services