Bloomberg News

Most U.S. Stocks Drop Amid Concern Over Europe Debt Negotiations

September 28, 2011

Sept. 28 (Bloomberg) -- Most U.S. stocks fell, erasing gains in the Standard & Poor’s 500 Index, amid growing concern leaders are divided over how to handle Greece’s debt crisis.

About five stocks fell for every two that rose on U.S. exchanges at 12:09 p.m. New York time. The S&P 500 dropped 0.1 percent to 1,174.20 after climbing as much as 0.8 percent.

The European Commission is resisting a push to impose bigger writedowns on banks’ holdings of Greek government debt than those agreed at a July 21 summit, a European official said. Germany and the Netherlands are leading a drive by as many as seven countries for more private-sector involvement in the second Greek package, the Financial Times reported today.

“Europe is the issue that is first and foremost in everyone’s mind, so any news that comes out on that does have a strong impact on the market,” Peter Jankovskis, who helps manage about $2.6 billion at Oakbrook Investments in Lisle, Illinois, said in a telephone interview. “Any weakness there is going to be a drag worldwide.”

To contact the reporter on this story: Whitney Kisling in New York at wkisling@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net


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