Stocks Fall Sharply As Greek Deal Is Held Up

NEW YORK (AP) — A holdup over a bailout for Greece is sending U.S. stocks lower.

The Dow Jones industrial average is down 119 points at midday, at 12,772. A triple-digit loss for the Dow on Friday would be its first this year. The Standard & Poor's 500 is down 11 points at 1,341, and the Nasdaq composite is down 21 points at 2,906.

It appeared earlier this week that Greece had paved the way for an international bailout that it needs to avoid defaulting on its debt and sending a shock through the markets. But European leaders are demanding more budget-tightening.

Materials companies, like chemical and metal makers, are leading the market lower. But stocks are down across the board.