“U.S. stocks fell, after last week’s drop in the Standard & Poor’s 500 Index, on concern a European Union summit will fail to tame the region’s debt crisis,” Rita Nazareth reports for Bloomberg.
“All 10 groups in the S&P 500 slid as energy and financial shares had the biggest losses. Exxon Mobil (XOM) Corp., Bank of America Corp. (BAC) and Apple Inc. (AAPL) slid more than 1.8 percent,” Nazareth reports. “The S&P 500 slid 1.7 percent to 1,312.49 at 12:21 p.m. New York time. The Dow Jones Industrial Average fell 150.95 points, or 1.2 percent, to 12,489.83. Trading in S&P 500 companies was down 11 percent from the 30-day average at this time of day.”
Nazareth reports, “Chancellor Angela Merkel hardened her resistance to euro- area debt sharing, setting Germany on a collision course with its allies at a summit on June 28. Greek Prime Minister Antonis Samaras accepted the resignation of Finance Minister Vassilios Rapanos. Cyprus informed European authorities today of its decision to request financial assistance from the euro area’s bailout funds, the government said in an e-mailed statement.”
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