Stocks drop on drama in Greece
U.S. stocks fell the most since March this week as the escalating crisis in Greece stole attention from the U.S. economy and Federal Reserve. The Standard & Poor’s 500-stock index ended the week lower by 1.2 percent and suffered its biggest single-day decline of the year on Monday after Greece closed its banks and imposed capital controls.
Things may have been different in the absence of the Greek crisis: data showed consumer confidence and manufacturing rose while odds of a September interest-rate increase by the Fed fell. And yet the Dow Jones industrial average slid more than 200 points on concern citizens of the Mediterranean nation will reject compromise with the European-Union and worsen its crisis.
“There’s a looming uncertainty with regard to Greece,” said Joe Bell, an equity analyst at Schaeffer’s Investment Research. “Perhaps once this is resolved or we get more clarity next week you’ll see the focus change.”
The Dowslid 1.2 percent for the week, while the Nasdaq Composite Index fell 1.4percent in the four-day period. The market was closed Friday for the July 4 holiday.
The U.S. Treasury will sell $24 billion in both three-month and six-month bills Monday. They yielded 0.015 percent and 0.095 percent in when-issued trading. It will also sell four-week bills and $24 billion in threeyear notes Tuesday, $21 billion in 10-year notes Wednesday and $13 billion in 30-year bonds Thursday.
Editor’s note: Going forward, our weekly composite stock listing highlights companies based in Washington or with a strong presence here. The rest of the table shows firms as ranked by market capitalization. And we’ve added year-to-date data because readers told us it would be useful.