Wall St suffers third straight drop after late slide
US stocks fell for the eighth day in the past 10 yesterday as uncertainty stemming from the political stalemate in Greece gave investors another reason to be cautious and sellers came out in force late in the session.
The S&P 500 fell for the third straight session as attempts to form a government in Greece fell apart, raising the possibility of a rejection of the bailout terms spelled out by the European Union for the fiscally troubled nation.
After holding near the unchanged mark for much of the session, stocks moved lower in the absence of positive news to turn the tide of negative sentiment.
The concerns about upheaval in the Eurozone and its effect on the global economy weighed on energy and materials stocks, with US crude down for the third straight day. The S&P energy index and the S&P materials index each dropped 1.5 per cent.
Quarterly results helped boost retailers TJX, up 6.9 per cent at $42.45, and Dick’s Sporting Goods, up 5.9 per cent at $50.05.