Stocks droop as Greece debt danger looms
Stocks drooped in listless trading Thursday as encouraging data on consumer spending wasn't enough to offset fears abut Greece and the lack of progress on a deal with its international creditors.
The health care sector was one of the few bright spots as stocks of hospitals and insurers jumped after the Supreme Court upheld Obamacare health care subsidies.
Benchmarks began the day in the black, but turned red in the afternoon. How they fared:
■ Dow Jones industrial average: Down 0.4%, 76 points, to 17,890.36
■ S&P 500: Down 0.3%, 6, to 2102.31
■ Nasdaq composite: Down 0.2%, 10, to 5112.19
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In economic news, consumer spending rose 0.9% in May, its best gain in six years, and personal income ticked upward 0.5%, the government reported Thursday.
European stocks were mixed as Greek debt negotiations continued.
Without a deal, there are fears Greece could default on a $1.8 billion loan repayment to the International Monetary Fund that is due at the end of the month as part of a $270 billion financial assistance package Greece received during the financial crisis.
Britain's FTSE 100 lost 0.5%, France's CAC 40 was up 0.1% and Germany's DAX was flat.
In Asia, Japan's Nikkei 225 index lost 0.5% to close at 20,771.40 and Hong Kong's Hang Seng index fell 1%. The Shanghai Composite plunged 3.5%.
South Korea's finance ministry on Thursday cut its forecast for the country's growth to 3.1% from 3.8%, as the Middle East respiratory syndrome outbreak saps spending and tourism.
Stocks tumbled Wednesday as Wall Street dropped for the first time in three sessions after the Greek talks appeared to falter.
Contributing: Kim Hjelmgaard, Associated Press