US stocks slip amid global sell-off after Greek 'no' vote

  • 2/5/2023
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NEW YORK, City, Ramadan 20, 1436, Jul 7, 2015, SPA -- Stocks in the U.S. fell broadly following drops in overseas markets as Greeks voted to reject creditor conditions for more loans, but the losses weren't as steep as many had feared, as AP reported. With time running out for Greece to strike a new deal and its banks desperately short of cash, a wave of selling that started in Asia early Monday spread to Europe, then the U.S. By the end of the day, nine of the 10 industry groups in the Standard and Poor's 500 index were down. But the index itself had fallen a modest 0.4 percent. Still, many investors were clearly nervous, putting money into assets considered safe bets in turbulent times such as U.S. government bonds. A rout in the stocks of oil drillers and other energy companies fed the selling as the price oil plunged nearly 8 percent. In a Sunday referendum on creditor demands for spending cuts and tax hikes in exchange for more bailout money, 61 percent of Greeks voted "no," a much higher proportion than anticipated. Some analysts attributed the lack of sharper sell-off in stock markets to the resignation of the Greek finance minister, which might help bailout talks resume. The Dow Jones industrial average fell 46.53 points, or 0.3 percent, to 17,683.58. The S&P 500 gave up 8.02 points, or 0.4 percent, to 2,068.76. The Nasdaq composite fell 17.27 points, or 0.3 percent, to 4,991.94. --SPA 18:03 LOCAL TIME 15:03 GMT www.spa.gov.sa/w

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