Stocks lower on worries about China, Greece

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NEW YORK (AP) — U.S. stocks are lower at midday because of worries over slowing economic growth in China and a bond exchange deal in Greece that may not be going according to plan.

The Dow Jones industrial average is down 78 points at 12,899. The Standard & Poor’s 500 index is down nine points at 1,361. The Nasdaq composite index is lower by 26 at 2,949.

Investors are worried about the effect of a slowdown in China’s economy on global growth. China’s premier lowered China’s target growth rate Monday to 7.5 percent from 8 percent.

Further weighing on the market are worries that there aren’t enough private investors participating in a bond swap in Greece. That could make the European debt crisis worse.