May 15, 2012-Stocks Trade Under Pressure on Greece Worries

After showing a lack of direction for much of the session, stocks came under pressure in the latter part of the trading day on Tuesday. Worries about Greece weighed on the markets once again, overshadowing a batch of largely upbeat U.S. economic data. The major averages moved roughly sideways going into the close, stuck firmly in negative territory. The Dow fell 63.35 points or 0.5 percent to 12,632.00, the Nasdaq slipped 8.82 points or 0.3 percent to 2,893.76 and the S&P 500 dropped 7.69 points or 0.6 percent to 1,330.66. With the losses on the day, the major averages once again ended the session at their worst closing levels in over three months. The selling pressure that emerged on Wall Street came amid continued uncertainty about the political situation in Greece, which is headed for a new round of elections after lawmakers failed to form a coalition government. The new elections are seen as referendum on whether Greece should remain a member of the eurozone, adding to the recent worries about the outlook for Europe. However, a batch of relatively upbeat U.S. economic data helped to limit the downside for the markets, with a report from the National Association of Home Builders showing that its reading on homebuilder confidence reached a five-year high in May.