Business News
US stocks down on renewed Greek fears
Mar 19, 2010, 23:40 GMT
New York - Ongoing fears about the Greek economy pushed down stocks on Wall Street Friday, ending an eight-day winning streak on US markets.
The European country's economic problems have weighed heavily on world markets for weeks.
Greek Prime Minister George Papandreou warned Friday that his country was 'one step away' from being unable to borrow because of the high interest rates markets are demanding. Greece will have to refinance some 22 billion euros (30 billion dollars) of loans in April and May.
The blue-chip Dow Jones Industrial Average slipped 37.19 points, or 0.35 per cent, to 10,741.98. The broader Standard and Poor's 500 Index edged down 5.93 points, or 0.51 per cent, to 1,159.90. The technology-heavy Nasdaq Composite Index fell 16.87 points, or 0.71 per cent, to 2,374.41.
Stocks remained in positive territory for the week: with the Dow gaining 1.1 per cent, the S&P adding 0.86 per cent, and the Nasdaq up 0.29 per cent.
The US currency rose against the euro to 73.91 euro cents from 73.47 euro cents on Thursday and edged up against the Japanese currency to 90.55 yen from 90.35 yen.
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