Greek Political Tumult Spooks Wall Street
Originally published on Fox Business.
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Wall Street dropped sharply on Tuesday amid concerns that political turmoil in Greece may render the country unable to meet conditions of its bailout agreement that it critically needs to avoid defaulting.
As of 10:20 a.m. ET, the Dow Jones Industrial Average fell 104 points, or 0.8%, to 12905, the S&P 500 slid 12.6 points, or 0.91%, to 1357 and the Nasdaq Composite dipped 33.5 points, or 1.1%, to 2925.
Energy and materials stocks were taking intense selling on the day on the back of big losses across futures markets. The consumer discretionary sector took a big hit as well following a weak earnings report from Fossil (FOSL: 79.09, -46.68, -37.12%), which tumbled some 37%.
U.S. oil futures were under pressure for the fifth session in a row, having shed more than $9 over the period. On the day, crude was lower by $1.46, or 1.5%, to $96.45 a barrel. Wholesale New York harbor gasoline slipped 0.91% to $2.96 a gallon.
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