NEW YORK: Stocks fell on Wednesday after concerns grew about Greece’s debt crisis.
The Dow Jones industrials remained just below 11,000 for the third consecutive day. The Dow hasn’t crossed that level in 18 months.
No major economic reports were due out Wednesday, but investors were awaiting the results due in the early afternoon from an auction of 10-year Treasury notes. European markets were lower on concerns about Greece.
Greece’s borrowing costs remained high Tuesday and its stock market fell as the country’s finance minister sought advice from an International Monetary Fund team on how to speed up fiscal reforms.
The Dow has been flirting with the 11,000 level all week, but has yet to top the psychological barrier. It came within 12 points both Monday and Tuesday but ended just below there on both days.
Stocks have been on a nearly unbroken climb for 13 months. The past two months’ gains have come mostly from steady, more modest moves, and not the triple-digit gains that were common early in the market’s recovery. Recent momentum is due primarily to a string of economic reports showing the economy is improving, albeit slowly.
Source The News
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