U.S. stocks fell nearly 2 percent or more on Monday, following a decline in global markets on the escalating Greece debt crisis.
“I think the uncertainty around Greece is just making people skittish and we haven’t had a meaningful pullback for some time,” said Ben Pace, chief investment officer at HPM Partners. “It’s hard for anybody to fight this uncertainty.”
“It should be a reasonably isolated situation but we don’t know that for sure,” he said.
Stocks extended losses in late-afternoon trade as Greece Prime Minister Alexis Tsipras said the stronger the rejection of the creditor deal, the stronger the Greek hand in the talks. He added that the aim for the referendum is to bring continuation of negotiations with lenders.
S&P downgraded Greece to “CCC-” and said in a Reuters report that the probability of the country exiting the euro zone is now about 50 percent. Earlier, a Greek official told Reuters in midday trade ET that the country will not pay its loan due to the International Monetary Fund on Tuesday.
Full Story @ [Yahoo News]