US stocks drop on Greece worries

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New York, Feb 11: US stocks dropped Friday as Greece’s crucial international bailout was put on hold by eurozone finance ministers.

Eurozone finance ministers said Greece had to save an extra $430 million in order to be granted bailout funds, while Greek workers staged a nationwide strike against the new austerity plan, Xinhua reported.

On the economic front, the Commerce Department said that US trade deficit widened to $48.8 billion in December, hitting the highest level since July 2008.

In midday trading, the Dow Jones industrial average lost 103.69 points, or 0.80 percent, to 12,786.77. The Standard & Poor’s 500 fell 9.26 points, or 0.68 percent, to 1,342.69. The Nasdaq Composite Index dropped 18.30 points, or 0.63 percent, to 2,908.93.

IANS