Stocks drop as Greek talks hit snag; Nikkei at 18-year high

June 25 01:27 2015

Stocks fell slightly Wednesday as Wall Street was lower for the first time in three sessions after Greek debt talks appeared to hit a snag. Greece’s Prime Minister Alexis Tsipras suggested Wednesday that international creditors did not accept the latest round of reform proposals from Athens.the-percentage-of-americans-playing-the-stock-market-is-at-an-all-time-low

The Dow Jones industrial average was down 0.32 and the Standard & Poor’s 500 index dropped 0.1%. The Nasdaq composite index fell less than 0.1% as it hovered near its record closing high. Japanese stocks rose as the Nikkei 225 hit an 18-year high as it gained 0.3% to close at 20,868.03.. Hong Kong’s Hang Seng index gained 0.3% and the Shanghai Composite surged 2.5%.

European stocks were mostly lower as optimism about a potential Greek debt deal faded. Germany’s DAX index was down 0.7%, France’s CAC 40 fell 0.2%. Athens’ ATG equity index fell 3.6%. Britain’s FTSE 100 bucked the downward trend and rose 0.1%. Tuesday, U.S. rose as the Nasdaq reached a new closing high for a second straight day. The Nasdaq gained 6.12 to close at 5160.10 and the Dow added 24.29 to 18,144.07.

Greece submitted proposals this week to its international creditors in an attempt to break a four-month deadlock over a debt crisis which eurozone finance ministers were to discuss in detail at a meeting Wednesday. Without new loans, Greece faces defaulting on its debt which could lead to the nation’s exit from the euro currency.