Stocks and Bond Yields Drop on Europe Worries

By: Associated Press
By: Associated Press

New York, NY (AP) - Stocks closed slightly lower and yields for ultra-safe U.S. government debt fell to their lowest level this year as investors around the world waited for Greece to nail down a deal to reduce its crushing debt.

Borrowing costs for European countries with the largest debt burdens shot higher Monday. The two-year interest rate for Portugal's government debt jumped to 21 percent after trading around 14 percent last week.

The Dow Jones industrial average fell seven points to close at 12,654, a drop of 0.1 percent. The S&P 500 index fell three points, or 0.3 percent, to 1,313. The Nasdaq lost five points, or 0.2 percent, to 2,812.

Nearly two stocks fell for every one that rose on the New York Stock Exchange. Trading volume was light at 3.5 billion shares.

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