Stocks Fall At The Open As Greek Deal Is Held Up

Published February 10, 2012 3:18PM (EST)

NEW YORK (AP) — U.S. stocks opened lower Friday after Greece's bailout deal was put on hold, a day after it seemed that the country had satisfied its creditors.

In the first half hour of trading, the Dow Jones industrial average fell 99 points to 12,792. The broader S&P 500 was down 10 points to 1,342. The Nasdaq composite fell 20 points to 2,907.

On Thursday, Greek leaders agreed to private sector wage cuts, civil service layoffs and cuts in government spending.

But finance ministers from the other 16 countries that use the euro insisted that Greece save an extra €325 million ($430 million), pass the cuts through parliament and guarantee that they will be enforced after planned elections in April.

The decline was broad. All ten sectors of the S&P 500 were down, led by materials companies, down 1.9 percent. Financial companies fell 1.3 percent.

Among stocks making big moves:

— LinkedIn rose 12.5 percent. The online networking company announced that fourth quarter earnings had soared and revenue doubled.

— Jeans maker True Religion Apparel plunged 24 percent. The company reported earnings that were far below what anlaysts were expecting and analysts slashed their ratings on the stock, citing weak sales and big markdowns.

By Salon Staff

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