US stocks slip

Birmingham Star (IANS) Wednesday 8th February, 2012

The US stocks slipped in midday trading Wednesday as investors' concerns mounted amid prolonged debt talks in Greece.

The Dow Jones industrial average fell 30.05 points, or 0.23 percent, to 12,848.15. The Standard Poor's 500 dipped 1.60 points, or 0.12 percent, to 1,345.45. The Nasdaq Composite Index edged down 2.40 points, or 0.08 percent, to 2,901.68, Xinhua reported.

Deadlines were pushed back again and again as Greek politicians were negotiating with both the European Union and the International Monetary Fund over more fiscal reforms.

Most investors were still hoping a deal would be reached at the last minute to avoid a disastrous default.

But as the talks dragged on, concerns were mounting that a disorderly Greece debt default would drag the region deeper into recession and dampen the US recovery.

On the earnings front, Walt Disney released quarterly revenue that fell short of expectations, but its profit grew faster than expected as its TV networks and theme parks held strong despite the weak economy.