US stocks open lower as weekend Greek debt talks appear to go nowhere; Bond yields fall

Energy Associated Press

U.S. stocks moved sharply lower in early trading Monday as investors weighed the implications of an impasse between Greece and its creditors. Technology stocks were among the biggest decliners. Oil prices declined.

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KEEPING SCORE: The Dow Jones industrial average was down 189 points, or 1.1 percent, to 17,708 at 10:06 a.m. Eastern Time. The Standard & Poor's 500 index fell 17 points, or 0.8 percent, to 2,077. The Nasdaq composite fell 52 points, or 1 percent, to 4,998.

EXIT THE CHOPPER: United Technologies fell 2.6 percent after the company said it would get out of the helicopter business. The stock slid $3.07 to $114.56.

MANAGEMENT SHAKEUP: Lumber Liquidators sank 2 percent after the troubled flooring retailer said it has fired its chief merchandising officer. The company didn't say why it was firing the executive. Shares in the company fell 40 cents to $21.09.

BUILDER MERGER: Investors welcomed news late Sunday that California homebuilders Ryland Group and Standard Pacific have agreed to merge. Ryland rose $2.19, or 5.1 percent, to $44.98. Standard Pacific gained 40 cents, or 4.8 percent, to $8.76.

GREEK DRAMA: Weekend negotiations on Greece's bailout terms produced no breakthroughs and Greek officials and creditors remained far apart as a deadline for a debt payment nears. Greek leaders want to get access to the final 7.2 billion euros ($8.2 billion) of their bailout program that's needed to repay debts and avoid a possible default that could trigger an exit from the euro; the bailout package expires at the end of the month.

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EUROPEAN MARKETS: European stocks traded lower amid investor concerns over the lack of progress in Greece's bailout negotiations. France's CAC 40 shed 1.9 percent, while Germany's DAX dropped 2.1 percent. Britain's FTSE 100 lost 1 percent.

ASIA'S DAY: Moves by regulators to tighten up on margin financing sent Chinese shares lower. Hong Kong's Hang Seng slumped 1.5 percent, while the Shanghai Composite Index in mainland China dropped 2 percent. Elsewhere in Asia, Japan's benchmark Nikkei 225 index ended 0.1 percent lower and South Korea's Kospi shed 0.5 percent. Australia's S&P/ASX 200 edged 0.1 percent lower. Benchmarks in Southeast Asia also fell.

ENERGY: Benchmark U.S. crude oil continued to fall, losing 68 cents to $59.27 a barrel on the New York Mercantile Exchange. The contract hit a high for the year on Wednesday but has been falling since then.

BONDS: Nervous investors bought ultra-safe U.S. government bonds, pulling the yield on the 10-year Treasury note down to 2.33 percent from 2.39 percent late Friday.