NEW YORK (AP) — Stocks are sinking on fresh doubts about a bailout package for Greece. The deep slide comes in the wake of Wall Street’s best week in months.
European finance ministers said Friday they would delay authorizing another installment of Greek emergency funds until October. Investors fear that the country won’t convince its lenders it can pay its debts. A default would damage the European banking system and the global economic recovery.
Later Monday, President Barack Obama is expected to discuss a deficit-reduction proposal that includes $1.5 trillion in new taxes.
Moments after the opening, the Dow Jones industrial average is down 140 points, or 1.2 percent, at 11,369 in opening trading. The Standard & Poor’s 500 is down 13, or 1 percent, at 1,203. The Nasdaq composite is down 41, or 1.6 percent, at 2,581.