NEW YORK (AP) — U.S. stocks were lower in early trading Wednesday as investors worry over the details of a new bailout plan for Greece.
The Dow Jones industrial average is down 8 points at 12,957, a day after hitting 13,000 — albeit briefly — for the first time since May 2008. The Dow has already been trading at or near four year highs for weeks. The Standard & Poor’s 500 is down 2 points at 1,361. The Nasdaq composite index lost 4 points to 2,944.
European markets were broadly lower. Earlier in Asia, stocks mostly rose even after a fairly weak Chinese manufacturing survey.
Investors are worrying that Greece’s new $172 billion deal may not be enough to keep the debt-laden from eventually defaulting and possibly exiting the euro.
The Greek debt deal also requires private sector bondholders to forgive $141 billion in Greek debt by taking a loss on the face value of their bonds and accepting longer repayment periods and lower interest rates. Among the concerns are that the bailout package does not include measures to boost economic growth. The Greek economy is entering its fifth year of recession.
Fitch ratings agency downgraded Greece further into junk status Wednesday morning following the bailout deal.
Among U.S. stocks making big moves:
— Computer maker Dell Inc. fell 6 percent after reporting an 18 percent drop in first-quarter profit late Tuesday, hurt by slow sales to government agencies, tough competition from Apple Inc. and flooding in Thailand that disrupted its supply chain.
— Toll Brothers Inc. fell 3 percent after the luxury homebuilder posted a first-quarter loss, but reported an increased number of signed contracts and backlog, important measures for coming months.
— GPS maker Garmin Ltd. jumped 9 percent after its fourth-quarter net income rose 25 percent on higher prices and sales. The company’s results and 2012 revenue forecast beat Wall Street’s expectations.