Global markets slumped on Monday amid concern Greece will fail to qualify for more financial aid but US stocks managed to end off their lows. Bloomberg reports:
The Standard & Poor’s 500 Index retreated 1 percent to close at 1,204.09 at 4 p.m. New York time, after plunging as much as 2.3 percent. The Stoxx Europe 600 Index ended down 2.3 percent. The euro depreciated 0.8 percent versus the U.S. currency and the Dollar Index rose for a second day. Ten-year Treasury yields fell nine basis points and the similar-maturity Greek yield rose 183 points. Copper sank to a nine-month low and oil slid 2.6 percent to the lowest price in three weeks.
US stocks could revisit their Monday lows on Tuesday though. Late on Monday, Standard & Poor's cut Italy's credit rating to "A/A-1" from "A+/A-1+" with a negative outlook.
Greece will stay in investors' attention though as it holds another round of discussion with its main creditors on Tuesday after a reportedly “productive” one on Monday.